economics💵💴💶💷 Flashcards
The way that people and society work together to make and trade things
Economic system
Individuals own and control businesses instead of the government
market economy/ capitalism
some businesses are privately owned
mixed economy
Where the government or a single leader makes all the decisions
communism
people who work to produce a good or service
human resources
the limited amount of something
scarcity
supply is the amount of goods available, and demand is how badly people want a good or service
supply and demand
goods are objects that satisfy people’s wants, and services are things that people do for us that satisfy our wants
goods and services
A government or single leader makes all the decisions
socialism
there is no government control, so people do business on their own
traditional economy
individuals own and control businesses instead of the government
capitalism
when a government or single person makes all the decisions
command economy
