Economics Flashcards
Economics System
It’s way that people in a society work together to make and trade things.
Traditional Economy
There is no government control,so people do business on their own.
Market Economy
Individuals and private businesses own everything and make economic decisions free from government regulation.
Command Economy
Government owns/regulates all aspects of the economy.
Mixed Economy
A mixed economy is a common system in many developed countries,like the US,Japan,and most of Europe.
Commnunism
Government owns/regulates all aspects of the economy.
Socialism
Is when the government or a single leader makes all the decisions.
Capitalism
Is when individuals own and control businesses instead of the government.
Human resources
The personal of a business or organization.
Scarcity
Being short in supply or a shortage.
Goods and services
Goods are tangible.
Supply and demand
When some doesn’t have enough of something
