Economics Flashcards
1
Q
Countries make a plan on how to use limited resources
A
Economics system
2
Q
Small groups of people do business on their own.
A
Traditional economy
3
Q
Individuals own and control business
A
Market economy
4
Q
Government has full control.
A
Command economy
5
Q
Government owns/regulates all aspects of the economy.
A
Communism
6
Q
Capitalism and command systems mixed.
A
Mixed economy
7
Q
Government owns some parts, Individuals own some.
A
Socialism
8
Q
Individuals and private businesses own everything.
A
Capitalism
9
Q
People who work to produce a good or a service.
A
Human resources
10
Q
Limited supply of something
A
Scarcity
11
Q
Define: Goods and services.
A
Goods are wants, services are needs.
12
Q
Define: Supply and demand.
A
Supply is the amount available, demand is how badly people want it.
