Economics Flashcards
it is a way that people in a society work together to make and trade things
Economics system
it is a system when indivduals own and control bussessus insted of the government
Market Economy
it is command system in many developed countries like the UK
Mixed economy
an economic ideology that advocates for a classless society in which all property and wealth are communally owned instead of being owned by individuals
Communism
it is a common system in many developed countries like the UK
Human resources
the limited supply of something
Scarcity
supply is the amount of goods Avalible and demands is how badly want goods and service
Supply and Demand
goods are objects that
people wants serves are things people do
Goods and Services
it is a government regulates all and individuals and privet
Socialism
it is smples type . their is no government control
Traditional Economy
it is individuals and private because own everything and make economic decisions
Capitalism
one in which a centralized government controls the means of production and determines output levels.
Command Economy
