Economics Flashcards
Because of scarcity people make a plan on how to use the scarce stuff
Economic system
There is no government in control so people do business on their own
Traditional economy
In this system the government owns the business and can move resources around
Command economy
In this system goods and services are made based on want
Market economy
some business are privately owned and some are owned by the government
Mixed economy
Government owns/regulates all aspects of the economy.
Communism
Is a government where one leader makes all the decisions and decides everything
Socialism
when individuals own and control business instead of the government
Capitalism
people who work to produce goods or services
Human resources
The limited supply of something
Scarcity
____objects that satisfy peoples wants. ____are things people do to satisfy peoples wants
goods and services
____is the amount of goods available and ____is how badly people want the goods or services
Supply and demand
