Economics Flashcards
The way people work in society together to make & trade things
Economic System
Individuals own & control businesses instead of the government
Market Economy
Some businesses are privately owned, while others are controlled by the government
Mixed Economy
Government owns/regulates all aspects of the economy
Communism
People who work to produce a good or a service
Human Resources
The limited supply of something
Scarcity
Supply & Demand
Supply is the amount of goods available, and demand is how badly people want a good or service.
Goods & Services
Goods are objects that satisfy people’s wants, and services are things people do for us that satisfy our wants.
A government or a single leader makes all the decisions, instead of government
Socialism
There is no government in control, based on old customs and traditions, and it usually involves small groups or communities helping each other
Traditional Economy
When individuals own & control businesses
Capitalism
Government owns/regulates all aspects of the economy
Command Economy
