Economics Flashcards
an economic system is a way people in a society work together to trade things
economic system
when individuals own and control businesses instead of the government
market economy
a common system in many many developed countries this system combines elements of both capitalism and command economies
mixed economy
government owns/ regulates all aspects of the economy
communism
people who work to produce a good or service
human resources
the limited supply of something
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 peoples wants and services are things people do for us that satisfy our wants
goods and services
governments owns/regulates some parts of economy for benefit of the whole nation
socialism
there is no government control so people do business on their own
traditional economy
individuals and private businesses own everything and make economic decisions from government regulation
capitalism
when the government or a single leader makes all the decision
command economy
