Economics Flashcards
is a way that people work together to make and take things
Economic system
There is no government so people do business on their own
Traditional economy
when individuals own and control business instead of government
market economy
is when a government makes all the decisions
command economy
A common system in many developed countries
mixed economy
Government owns/ regulates all aspects of the economy
communism
Is when the government or a single leader makes the decisions
socialism
this system individuals control there own business instead of government
capitalism
People who work to produce a good or a service
human resources
The limited supply of something
sacartiy
that satisfy peoples wants and services
goods and services
supply is the amount of goods available and demand is how badly people want a good or service
supply and demand
