Economics Flashcards
Is a way that people in a society work together to make.
Economic System
There is no government control, so people do business on their own.
Traditional Economy
A capitalism economic system is when individuals own and control business instead of the government.
Market Economy
A command economic system, also known as a socialist or communist system, is when the government or a single leader makes all decisions.
Command Economy
A mixed economy is a common system is many developed countries, like the US, Japan, and most of Europe.
Mixed Economy
Government owns/regulates all aspects of the economy.
Communism
Individuals and private businesses and Government owns and regulates some parts of the economy.
Socialism
Individuals and private businesses own everything and make economic decisions.
Capitalism
People who work to produce a good or na service.
Human Resources
The limited supply of something.
Scarcity
Goods and objects that satisfy people’s wants and services are things people do for us that satisfy our wants.
Goods and Services
Supply is the amount of goods available, and demand is how badly people want a good or service.
Supply and Demand
