economics Flashcards
1
Q
a way people work to trade
A
economic system
2
Q
there is no government in control
A
traditional economy
3
Q
individuals and private businesses own everything
A
market economy
4
Q
government owns/regulates some parts of the economy
A
mixed economy
5
Q
_______ is the same as command
A
communism
6
Q
people who work to produce a good or service
A
human resources
7
Q
the limited supply of something
A
scarcity
8
Q
_____ is the amount of goods available _____ is how badly people want a good or service
A
supply and demand
9
Q
_____ are a object that satisfy people’s wants _____ are things people do to satisfy our wants
A
goods and services
10
Q
_____ is the same as mixed
A
socialism
11
Q
_____ is the same as market
A
capitalism
12
Q
A
