Economics Flashcards
1
Q
A way that people work together to make things
A
Economic System
2
Q
There is a minimum use of resources or tech
A
Traditional Economy
3
Q
This system combines elements of both capitalism
A
Market Economy
4
Q
Government owns/regulates all aspects of the economy
A
Command Economy
5
Q
Government owns some parts of the economy
A
Mixed Economy
6
Q
Government owns all aspects
A
Communism
7
Q
Government regulates some parts
A
Socialism
8
Q
Private businesses own everything
A
Capitalism
9
Q
People who work to produce a good or a service
A
Human Resources
10
Q
The limited supply of something
A
Scarcity
11
Q
Goods are objects that satisfy people’s wants and services
A
Goods and Services
12
Q
Supply is the amount of goods available, and demand is how badly people want a good or service
A
Supply and Demand
