Economics Flashcards
Countries must make a plan of how to use these limited resources
Economic System
There is no government control so people do business on their own this system is based on old customers and traditions
Traditional Economy
Individuals and private businesses own everything and make economic decisions free from government regulation,keeping the profits and accepting the losses with
Market Economy
Government owns/regulates all aspects of the economy
Command economy
A mixed economy is a common system in many developed countries,like the US,Japan, and most of Europe
Mixed Economy
Government owns/regulates all aspects of the economy
Communism
It is when a government or a single leader makes all the decisions.They decide what to produce,how much to produce and what the prices will be
Socialism
A capitalism economic system is when individuals own and control businesses instead of the government
Capitalism
People who work to produce a good or 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 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
