Economics Flashcards
A plan on how goods are produced what will be produced and who will consume them.
Economic System
People often trade goods with others, it usually involves small groups or communities helping each other.
Traditional Economy
Goods and services are based on what people want to buy.
Market Economy
The government decides what to produce, how much to produce, and what the prices for each product will be.
Command Economy
If the government gets too involved, businesses might act unfairly.
Mixed Economy
Government owns and regulates every aspect of the economy.
Communism
Government owns some parts for the benefit of the whole nation. Individuals and private businesses also own some of their own.
Socialism
Individuals and private businesses make economic decisions free from the regulation of the government keeping the profit and losses.
Capitalism
People who work to produce a good or service.
Human Resources
Limited supply of something.
Scarcity
Goods are objects that satisfy people’s wants and services when people do things to 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
