Economics Flashcards
A way that people in a society work together to make and trade things.
Economics System
The most simple economy with no government control.
Traditional Economy
Where individuals own and control buisnesess.
Market Economy
A socialist or a communist system.
Command Economy
People from different countries.
Mixed Economy
Government owns/regulates all aspects of the economy.
Communism
Government owns/regulates some parts of the economy for the benefit of the whole nation.
Socialism
Individuals and private buisnesses own everything and make economic decisions free.
Capitalism
People who work to produce a good or a service.
Human Resources
The limited supply of something.
Scarcity
Supply is the amount of goods available, and demand is how badly someone wants it.
Supply and Demand
Goods are objects that satisfy peoples wants.
Goods and Services
