Economics Flashcards
An economy based on customs, traditions, ad beliefs in the past
Traditional Economy
All economic decisions made by the government
Command Economy
Economic decisions are made based on the changes in prices
Market Economy
An economic system combining private and public enterprise.
Mixed Economy
The state of being in short supply or shortage.
Scarcity
Exchange (goods or services) for other goods or services without using money.
Bartering
An economic system in which private business operates in competition and is largely free of state control.
Free Enterprise
An economic and political system in which a country’s trade and industry are controlled by private owners for profit.
Capitalism
Socialism
Is generally considered to slope upward/downward (as the price rises) suppliers are willing to produce more
Supply/Demand
Is a set of people who make up the work face and organization
Human Resources
What are the three basic economic questions
how will it be produced, and how will the output society produces be distributed
In a command economy, who makes all of the decisions
Central government
Most countries are what type of economy
Mixed economy
