Economics Flashcards
1
Q
a way that people in a society work together and trade things
A
economics
2
Q
objects that satisfy peoples wants
A
goods
3
Q
things people do for us that satisfy are wants
A
services
4
Q
people who work to produce a good or service
A
human recources
5
Q
the amount of goods available
A
supply
6
Q
how badly people want a good or service
A
demand
7
Q
the limited supply of something
A
scarcity
8
Q
the simplist type of government control so people do business on their own
A
economic system
9
Q
when the government or a single leader makes all the dicisions they decide what to produce how much to produce and prices
A
communist system
10
Q
when individuals own a businesses instead of the government
A
capitalist economic system
11
Q
A
