Economics Flashcards

1
Q

Is a way that people in a society work together to make and trade things.

A

Economic System

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

There is no government control, so people do business on their own.

A

Traditional Economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Is when individuals own and control business instead of the government.

A

Market Economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Is when the government or a single leader makes all the decisions.

A

Command Economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Is that it can take the best parts of both systems.

A

Mixed Economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

The government owns/regulates all aspects of the economy.

A

Communism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

The government owns/regulates some parts of economy, for benefit of a nation and individuals and private business, their own make their own
economic decisions, keeping the profits and accepting the losses.

A

Socialism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

People who work to produce a good or service.

A

Human Resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Individuals and private businesses own everything and make Economic decisions free from government regulation keeping the profits and accepting the losses without intervention.

A

Capitalism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Goods are objects that satisfy people’s wants and services are things people do for us that satisfy our wants.

A

Goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Supply is the amount of goods available, and Demand is how badly people want a good or service.

A

Supply and Demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

The limited supply of something.

A

Scarcity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly