Economics Flashcards
Goods are objects that satisfy people’s wants and services are things people do for us that satisfy or wants.
Goods and Services
People who work to produce a good and service.
Human resources
Supply is the amount of goods available, and demand is how badly people want a good or service.
Supply and demand
The limited supply of something
scarcity
is no government control, so people do business on their own. this system is based on old customs and traditions.
Traditional economic system
is when the government or a single leader makes all the decisions.
Command economic system
individuals own and control businesses instead of government.
market economic system
is a common system in many developed countries, this system combines elements of both capitalism and command economies,
mixed economy
Government owns/regulates all aspects of the economy
communism
government owns/regulates some parts of the economy for the benefit of the whole nation;
socialism
capitalism
