Economics Flashcards
What is the definition of an economic system?
An economic system is a way that people in a society work together to make and trade things.
What economic system is shown?
An economic system where individuals own and control businesses instead of the government.
Market Economy
What economic system is shown? In this economy some businesses are privately owned while others are controlled by the government.
Mixed economy
Is this Communism, Socialism, or Capitalism?
A economy where the government owns/regulates all aspects of the economy, and wealth is shared throughout the economy.
Communism
What are Human Resources?
People who work to provide a good or service.
What is Scarcity?
The limited supply of something.
What is Supply and Demand?
Supply is the amount of goods available, and Demand is how badly people want a good or service.
What are Goods and Services?
Goods are objects that satisfy people’s wants and Services are things people do for us that satisfy our wants.
Is this Communism, Socialism, Or Capitalism?
The idea that all money is distributed equally among everyone, and businesses are owned by the workers.
Socialism
What economic system is shown?
A economic system where there is no government control, so people do business on their own. This system is based on old customs and traditions.
Traditional economy
Is this Communism, Socialism, or Capitalism?
A economic system where individuals and private businesses own everything and make economic decisions free from government regulation, keeping the profits and accepting the losses without intervention.
Capitalism
What economic system is shown?
An economic system where the government or a single leader makes all the decisions. They decide what to produce, how much to produce, and what prices will be.
Command Economy
