Economics Flashcards
A way that people in a society work together to make and trade things
Economic system
There is no government control, so people do business on their own
Traditional Economy
Individuals own and control businesses instead of the government
Market Economy
A government owns/regulates all aspects of the economy
Command Economy
Both market and command
Mixed Economy
When a government or a single leader makes all decisions
Communism
Government owns or regulates some parts of the economy for the benefit of the whole nation; and Individuals and private businesses also make their own economic desicions, keeping the profits and accepting the losses
Socialism
Individuals and private businesses own everything and make economic decisions
Capitalism
People who work to produce a good or service
Human Resources
The limited supply of something
Scarcity
Goods are things that satisfy people’s needs and services are things people do for us
Goods and services
