Economics Flashcards
A way people in society work together to make and trade things.
Economic system
Individuals and private businesses own everything and make economic decisions free from government regulation, keeping the profits and accepting the losses without intervention.
Market Economy
A common system in many developed countries.
Mixed Economy
Government owns/regulates all aspects of the economy.
Communism
People who work to produce a good or a service.
Human Resources
There is not a single country in the world that has an abundance of all resources that it’s people need/want.
Scarcity
Supply is the amount of goods available, and Demand is how badly people want a good or service.
Supply and Demand
goods are objects that satisfy people’s wants and services are things people do for us to satisfy our wants.
Goods and services
When the government or a single leader makes all the decisions.
Socialism
There is no government control, so people do business on their own.
Traditional Economy
When Individuals own & control businesses instead of the government.
Capitalism
It is when the government or a single leader makes all the decisions.
Command Economy
