economics Flashcards
all economic decisions are based on customs, traditions and beliefs of the past
traditional economy
all economic decisions are made by the government
command economy
all economic decisions are based on the changes in prices that occur as buyers and sellers interact in the market place
market economy
more than one/mixed economic system
mixed economy
limited supply of something
scarcity
trading without using money
bartering
competition between companies (shifts prices of goods/services)
free enterprise
an economic and political system in which a country’s trade and industry are controlled by private owners for profit
capitalism
a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole
socialism
the amount of commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price
supply/demand
the personnel of a business or organization, especially when regarded as a significant asset
human resources
what are the 3 basic economic questions?
what goods/services will be produced? how will goods/services be produced? who will consume the goods/services?
in a command economy, who makes all of the decisions?
government
most countries are what type of economy?
mixed economy
