Economics Flashcards
A way that people in a society work together to make and trade things.
Economic System
There is no government control so people do business on their own.
Tradition Economy
When individuals own and control businesses instead
Market Economy
When the government or a single leader makes all the decisions.
Command Economy
Some businesses are privately owned, while others are owned by the government.
Mixed Economy
The government owns everything.
Communism
A mix of communism and capitalism.
SoCIAlism
Individuals and private businesses make their own decisions.
Capitalism
The limited supply of something.
Scarcity
People who work to produce a good or service.
Human Resources
Goods are 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 that available, and demand is how badly people want it.
Supply And Demand
Do you like school?
No, Its prison
