economics Flashcards
Traditional Economy
People will make what they always made and do the same things their parents did.
Command Economy
All economic decisions are made by the Government.
Market Economy
The government has no control over the economy private citizens answer all economic questions.
Mixed Economy
The country that has the characteristics of both economies.
Scarcity
people’s inability to have everything they want
Bartering
the exchange of goods and services between two or more parties without the use of money.
Free Enterprise
an economic system that provides individuals the opportunity to make their own economic decisions, free of government constraints, and as private profit-potential businesses
Capitalism
an economic system.
Socialism
a way to organize a society.
Supply/Demand
Supply is the amount of a specific good or service that’s available in the market. Demand is the amount of the goods or service that customers want to buy.
Human Resources
the department within a business that is responsible for all things worker-related. Someone like a teacher.
What are the three basic economic questions?
What good/services will be produced?
How will goods/services be produced?
Who will consume the goods/ services?
In a command economy, who makes all of the decisions?
All government make the decisions.
Most countries are what type of economy?
Mixed economy.
