Economics Flashcards
A way that people in a society work together to make and trade things.
Economic System
People do business on their own.
Traditional Economy
Goods and services are based on what people want to buy.
Market Economy
The system that combines elements with both capitalism and command economies.
Mixed Economy
The government owns and regulates all aspects of the economy.
Communism
The government owns the businesses and can move resources around as needed.
Command Economy
The government owns some parts of the economy for the benefit of the whole nation.
Socialism
When individuals own and control businesses instead of the government.
Capitalism
From people who work to produce goods and services.
Human Resources
The lack of goods and services.
Scarcity
Based on what people want to buy.
Goods and Services
The supply of things and what people demand/wants.
Supply and Demand
