Economics Flashcards
Is a way that people in a society work together to make and trade things
Economic system
It is the simplest type. There is no government control, so people do business on their own
Traditional Economy
Which is made up of supply and demand, mostly controls the economy
Market Economy
Is when a government or a single leader make all the decisions
Command Economy
It is a common system in many developed countries, like the US, Japan, and mostly Europe
Mixed Economy
Government owns/regulates all aspects of the economy
Communism
Government owns/regulates some parts of the economy for the benefits of the whole nation
Socialism
Is when individuals own and control businesses instead of the government
Capitalism
People who work to produce a good or service
Human Resources
The limited supply of something
Scarcity
Goods are objects that satisfy people’s wants and services are things people do for us that satisfy our wants
Goods and Services
Supply is the amount of goods available, and demand is how badly people want a good or service
Supply and Demand
