economics Flashcards
economic system
a way that people in a society work together to make
Traditional economy
there is no government control, so people do business on their own
market economy
in this system goods and services are made based on what people want to buy
command economy
when the government or a single leader makes all the decisions
mixed economy
that it can take the best parts of both systems
government owns 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 economy decisions
capitalism
people who work to produce a good or a service
human resources
the limited supply of something
scarcity
goods and objects that satisfy peoples 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
