Economics Flashcards
a plan on how goods are produced, what will be produced, and who will consume them
Economic system
when individuals control business instead of government. goods are based on what ppl want to buy.
market economy
some businesses are privately owned, and some are controlled by the government.
mixed economy
government owns/ regulates all aspects of the economy.
communism
when ppl work to produce a good or service
human resource
limited supply of something
scarcity
the amount of goods available, and how bad the people want it.
supply and demand
objects that satisfy peoples wants, and things people people do to satisfy our wants
goods and services
government owns and regulates some of the economy, and individuals make their own decisions.
socialism
when there is no government in control. so people sell on their own. goods are based on traditions.
traditional economy
individuals and private businesses own everything and make decisions
capitalism
the government or a single leader makes all decisions
command economy
