Economics Flashcards
a way that people in a society work together and trade.
Economic system
is a capitalism individuals own and control businesses.
market economy
in a mixed economy some businesses are privately owned and some are owned by the government.
mixed economy
government and individuals own businesses.
communism
people who work to produce a good or service.
human resources
the limited supply of something.
scarcity
supply is the amount of goods available, demand is how badly people want a good or service.
supply and demand
goods are objects that satisfy peoples wants, services are things people do for us that satisfy our want.
goods and services
government and individuals own businesses.
socialism
no government control so people do business on their own.
traditional economy
individuals and private businesses own everything.
capitalism
government or single leader makes all decisions.
command economy
