ECONOMICS Flashcards
a system that relies on customs, history, and time-honored believes
Traditional Economy
an economy in which production, investment, prices, and incomes are determined centrally by a government.
Command Economy
economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country’s individual citizens and business
Market Economy
an economy organized with some free-market elements and some socialistic elements
Mixed Economy
the demand for a good or service is greater than the availability of the good or service
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 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
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 price of a good or service is set by the dynamic between supply and demand
Supply/Demand
humans that provide labor
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 economy, who makes all of the decisions?
mixed economy
Most countries are what type of economy?
