Economics!⭐ Flashcards
A way that people in a society work together to make and trade things.
Economic System
(The simplest type.)There is no government control, so people do business on their own.
Traditional Economy
It’s made up of supply and demand, and mostly controls the economy.
Market Economy
Is when a government or a single leader makes all the decisions.
Command Economy
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
Government owns/regulates some parts of the economy for the benefit of the whole nation.
Socialism
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 that 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
