Economics Flashcards
A way that people in a society work together to make and trade things.
Economic System
Individuals own and control businesses instead of the government.
Market Economy
Combines elements of both capitalism and command economics.
Mixed Economy
Also Socialism
Government owns/regulates all aspects of the country.
Communism
same as Command Economy
People who work to produce a good or service.
Human Resources
The limited supply of something.
Scarcity
Supply is the amount of goods available. Demand is how badly people want a good or service.
Supply And Demand
Goods are objects that satisfy peoples’ wants and Services are things people do for us to satisfy our wants.
Goods And Services
Government owns/regulates some parts of Economy for the benefit of the whole country.
Socialism
Also Mixed Economy
The simplest type,there is no government control. Based on old customs and traditions.
Traditional Economy
Individuals and private businesses own everything and make economic decisions free from the government regulation keeping the profits and accepting losses without intervention.
Capitalism
Also free market economy or free enterprise.
The government or single leader makes the decisions.
Command Economy
also communism
