Economics Flashcards
Is a way that people in a society work together to make and trade them
Economic system
There is no government control,so people do business on their own
Traditional economy
In this system goods and services are made based on what people want to buy
Market economy
Is when the government of a single reader make all the decisions
Command economy
Some business are privately owned while others are contracted by the the government
Mixed economy
Gov owns everything
Communism
Individuals and private businesses make their own decisions
Capitalism
People who work to produce a good service
Human resources
The limited supply of something
Scarcity
Goods are objects that satisfy peoples wants and services are things people do for us that stratify our wants.
Good and services
A mix of communism and capitalism
Socialism
Supply is the amount of good available and demand is how badly people want it
Supply and demand
