Economic systems Flashcards

1
Q

scarcity

A

the limited supply of something

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2
Q

What are the 3 basic economic questions

A
  1. what good/services will be produced
  2. how will goods/ services be produced
  3. who will consume the goods/services
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3
Q

traditional economy

A

all economic decisions are based on customs, tradition, and belifies of the past.

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4
Q

bartering

A

trading without using money

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5
Q

command economy

A

all economic desicions are made by the government

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6
Q

market economy

A

economic decisions are made based on the changes in prices that occur as buyers and sellers interact in the market price

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7
Q

free enterprised

A

competition between companies

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8
Q

most countries are what type of economic system

A

mixed

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9
Q

the economic continuum

A

how free a country is on a scale of 0-100.

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10
Q

nation-state

A

country that is racially the same. (Japan)

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11
Q

communism

A

A system in which everyone shares wealth. The government redistributes wealth.

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12
Q

capitalism

A

The industry is controlled by the private citizens. No government interference.

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13
Q

human resource

A

a person and their skills

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14
Q

supply and demand

A

amount of product available and people’s willingness to buy the product.

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