Economics Flashcards
a way that people in a society work together to make.
Economic system
there is no government control so people do business on there own.
traditional economy
in this system goods and services are made Based on what people want to buy.
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
government owns/regulates all aspects of the economy.
communism
induyiduals and private businesses and government owns and regulates some parts of the economy
socialism
individuals and private businesses own everything and make economy decisions
capitalism
people who work to produce a good or a service .
human resources
the limited supply of something .
scarcity
goods and objects that satisfy peoples 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
