Economics Flashcards
Using economy the same way your ancestors did or the old fashioned way.
Traditional Economy
Government has all the say in everything, everything in the government is in control.
Command Economy
Everything is based on supply and demand, the government has no say, only the business owners do.
Market Economy
A mix of all the economies.
Mixed Economy
Not enough of something, none left.
Scarcity
Trading without using money.
Bartering
Competition between companies.
Free enterprise
A widely adopted economic system in which there is a private owner of the means of production.
Capitalism
Public ownership that has control over property and natural resources.
Socialism
2 opposing items that make one go up but the other drop.
Supply/Demand
The division of a business responsible for finding, screening, and recruiting training job applicants.
Human Resources
What are the 3 basic economic questions?
What will be produced?
How will they be produced?
Who will consume these goods?
In a command economy who makes all the decisions?
The Government
Most countries are what type of economy?
Command Economy
