Economics Flashcards
Away people in a society work together to make and trade things.
Economic system
There is no government control, so people do business on there own
Traditional Economy
A capitalist economic system where individuals own and control business not the government
Market Economy
Government owns/regulate all aspects of the economy
Command Economy
A common system in many developed countries, like the us/ japan,and most of Europe
Mixed Economy
Government owns regulates all aspects of the economy
Communism
A common system in many developed countries, like the us/ japan and most of Europe
Socialism
Individuals and private business and everything and make economic decisions free from government.
Capitalism
People who work to produce a good of service.
Human Resources
The limited supply of something.
Scarcity
Good are objects that satisfy people’s want and service are things people do for us that satisfy our wants
Good and services
Supply is the amount of goods available, and demand is how badly people want a good or service.
Supply and Demand
