Economics Flashcards
The way people in a society work together to make and trade
Economic System
when individuals own and control businesses instead of government
Market Economy
A common system in many developed countries
Mixed Economy
Government owns or regulates all aspects of the economy
Communism
People who work to produce or make goods
Human resources
A limited supply of something
Scarcity
Supply is the amount of goods available and demand is how badly we want a good or service
Supply and demand
good objects that satisfy people’s wants and service are things people do for us that satisfy our wants
Goods and services
a way to organize a society
Socialism
The simplest system and has no government
Traditional economy
Individuals and private businesses own everything
capitalism
when a government of a signal leader makes all decisions
command ecnomy
