Economics Flashcards
What is a way that people in a society work together to make and trade things.
Economic System
What is the simplest type. There is no government control,so people do business on their own.
Traditional Economy
Define Market Economy
it is made up of supply and demand,mostly controls the economy
What is when a government or a single leader makes all the decisions
Command Economy
Define Mixed Economy
it is a common system in many developed countries,like The US,JAPAN,and most of EUROPE.
what is when a Government owns/regulates all aspects of the economy.
Communism
DEFINE Socialism
When the Government owns/regulates some parts of the economy for the benifits of the whole nation
Define capitalism
Its when individuals own and control businesses instead of the government
What is when people who work to produce a good or a service
Human resources
Define Scarcity
Is when the limited supply of something
What are objects that satisfy people’s want and services are things people do for us that satisfy are wants.
Goods and services
define supply and demand
Supply is the amount of goods available, and demands is how badly people want a good or service
