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
a market economy is when individuals own businesses
market economy
when the government makes all the decisions
command economy
a common system in many developed countries
mixed economy
government owns all aspects of the economy
communism
is when the government and single leader makes all of the decisions
socialism
when individuals own and controls businesses instead of the government
capitalism
people who work to produce a good or a service
human resource
the limited supply of something
scarcity
goods are objects that satisfy people’s wants and services
goods and services
supply is the amount of goods available
supply and demand
