Economics Flashcards
1
Q
is a way that people work together to make and trade things.
A
Economic system
2
Q
in a traditional system there is little use of tech or money.
A
Traditional economy
3
Q
business can be controlled or not.
A
Mixed economy
4
Q
is when the government makes all the decisions.
A
Command economy
5
Q
there is no government involved
A
Market economy
6
Q
government owns all the aspects of the economy.
A
Communism
7
Q
is when the government or a single leader makes all the decisions.
A
Socialism
8
Q
when people want more of something.
A
Capitalism
9
Q
people who work to produce something.
A
Human resources
10
Q
limited supply of something.
A
Scarcity
11
Q
goods that satisfy people
A
Goods and services
12
Q
is the amount of goods available
A
Supply and demand
