ECONOMICS Flashcards
traditional economy
everything is based on customs, traditions, and beliefs
command econ
Everything is decided by the government
mixed econ
All of them mixed
market econ
government is not involved
scarcity
short supply, rare
bartering
trading w/o money
free enterprise
large businesses compete
capitalism
a country’s trade and industry are controlled by private owners for profit
socialism
where the workers or the government own the buildings and tools that make goods and services like farms and factories
supply/demand
Supply is the amount of a specific good or service that’s available in the market. Demand is the amount of the good or service that customers want to buy
human resources
Human resources is the person or group of people at a company who manages all things related to its employees
What are the three basic economic questions?
what good will be produced; how will they be produced;
In a command economy, who makes all of the decisions?
government
Most countries are what type of economy?
a mixed economy
