economics Flashcards
all economic decisions are based on customs, traditions, beliefs of the past.
Traditional Economy
all economic desians are made by the government
Command Economy
economic desians are made based on the changes in prices that occur as buyers and sellers interact in the marcket place
Market Economy
when countries have the charistics of more than one economy
Mixed Economy
the limited supply of something
Scarcity
trading with out using money
Bartering
helps mack the decians
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 a political philosophy and movement encompassing a range of economic and social systems,
Socialism
the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.
Supply/Demand
the department of a business or organization that deals with the hiring, administration, and training of personnel.
Human Resources
What are the three basic economic questions?
what will be produced, how will it be produced, and how will the output society produces be distribute
In a command economy, who makes all of the decisions?
a central government
Most countries are what type of economy?
mixed economy,
