Economics Flashcards
Is a way that people in a society work together to make and trade things.
Economic System
There is no government control, so people do business on their own.
Traditional Economy
Is when individuals own and control business instead of the government.
Market Economy
Is when the government or a single leader makes all the decisions.
Command Economy
Is that it can take the best parts of both systems.
Mixed Economy
The government owns/regulates all aspects of the economy.
Communism
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.
Socialism
People who work to produce a good or service.
Human Resources
Individuals and private businesses own everything and make Economic decisions free from government regulation keeping the profits and accepting the losses without intervention.
Capitalism
Goods are objects that satisfy people’s 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
The limited supply of something.
Scarcity
