Economics Flashcards
A way that people are a society work together to trade things.
Economic System
No government in control.
Traditional Economy
When individuals own and control a business.
Market Economy
When a government or a single leader makes all the decisions.
Command Economy
A common system in many places that accepts both private and nationalized government services.
Mixed Economy
Government owns all aspects of the economy.
Communism
Government owns some aspects of the economy of the benifit of the whole.
Socialism
Individuals and private business own everything and make economic decisions free.
Capitalism
People who work to produce a good or service.
Human Resources
Limited supply of something.
Scarcity
Objects that satisfy peoples wants and things that other people do to satisfy us.
Goods and Services
The amount of goods available and how badly people want a good or serves.
Supply and Demand
