Economics Flashcards
an economic system is a way that people in a society work together to make and trade things
Economic system
people do business on their own there is no government control
traditional Economy
same as capitalism
market economy
is when the government on a single leader makes all the destinations
command economy
a common system in many developed countries
mixed economy
regulates all aspects of the economy
communism
regulates some parts of the economy for the benefit of the whole world nation
socialism
private individuals use the tax money to to create goods and services
capitalism
people who work to produce goods and services
human resources
the limited amount of something
scarcity
goods are objects that satisfy peoples wants and services are things people do for us to supply our want
goods and services
supply is the amount of something and the demand is how bad you want it
supply and demand
