economics Flashcards
is the amount of goods available and demand is how badly some one want’s
supply and demand
are objects that satisfy people wants and services are things people do
goods and services
the limited supply of something
scarcity
people who work to produce a good or a service
humans resources
is when individuals own and control business instead of government in this system goods and services are made based on what people want to buy
capitallism
governments owns/regulate some parts of the economy for the benefits of the whole nation
socializam
government owns/regulates all aspects of the economy
communism
governments owns/regulates some parts of the economy of the whole nation
mixed economy
government owns/regulates all aspects of the economy
command economy
individual and private business own everything and make economic decision free from government regulation keeping the profits and accepting the loses without intervention
market economy
their is no government control so people do business on their own this system is based on old customs and tradition
traditional economy
traditional socialist capitalist and mixed economies
economics system
