ECONOMICS Flashcards
BE SMART GOOFY
Economic System
Is a way that people in a society work together to make and trade things.
Traditional Economy
There is no gov control, so people do business of their own.
Market Economy
When individuals own and control business instead of the gov.
Command Economy
When the gov or a single leader makes all the decisions.
Mixed Economy
A common system in many developed countries like the US,Japan,and most of Europe.
Communism
Gov owns/regulates all aspects of the economy.
Socialism
Gov owns/regulates some parts of the economy for the benefit of the whole nation and individuals and private business also make their own economic decision keeping the profits and accepting the losses.
Capitalism
Individuals and private business own everything and make economic decisions free from gov regulation,keeping the profits and accepting the losses without intervention.
Human Resources
People who work to produce a good or service.
Scarcity
The limited supply of something.
Goods and Services
Goods are objects that satisfy people’s wants and services are things people do for us to satisfy our wants.
Supply and Demand
Supply is the amount of goods available and Demand is how badly people want a good or service.
