Economics Flashcards
A way that people in a society work together to make and trade things.
Economic System
No government control. People do business on their own.
Traditional Economy
In this system goods and services are based on what people want to buy.
Market Economy
This government owns the businesses and can move resources as they please.
Command Economy
The system combined elements with both capitalism and command.
Mixed Economy
Government owns/regulates all parts of the country.
Communism
Government has a single leader that makes all of the decisions.
Socialism
Individuals own and control businesses instead of the government.
Capitalism
The lack of goods and services.
Scarcity
People who work to produce goods and services.
Human Resources
Based on what people want to buy.
Goods And Services
The supply of things and what people want to buy.
Supply And Demand
