Economics Flashcards
Beliefs based on your ancestors and religious belief.
traditional economy
The government controls what you do and what you buy.
command economy
A shop or store that the owner has 100% of control.
market economy
A shop owner has 50% of the power and the people have 50% of power.
mixed economy
When there is a low amount of supplies.
scarcity
To go to a market,but the government controls what you buy.
bartering
People have 100% of power.
free enterprise
A market or supply that is controlled by one person rather than the government.
capitalism
power is given to the sole ruler.
socialism
The amount of the good you have and the amount it costs based on how much you have of that good.
supply/demand
Resources made by beings.
human resources
what will be produced,how will it be produced,and how will the output society produces be distributed?
What are the three basic economic questions?
The government.
In a command,who makes all the decisions?
Mixed Economy.
Most countries are what type of economy?
