Economics Flashcards
A way that people in a society work together to make & trade stuff.
Economic System
There is no government in control, so people do business on their own.
Traditional Economy
When individuals own and control businesses instead of the government.
Market Economy / Capitalism
When the government or a single leader makes all the decisions.
Command Economy / Socialism
A common system in many developed countries, it combines elements of capitalism & command economies.
Mixed Economy
Government owns / regulates all aspects of the economy.
Communism
Government owns / regulates some parts of the economy for the benefit of the nation.
Socialism / Command Economy
Individuals & private businesses own everything & make economic decisions.
Capitalism / Market Economy
People who work to produce a good or a service.
Human Resources
The limited supply of something.
Scarcity
Goods are objects that satisfy peoples wants & Services are things people do for us that satisfy ourselves.
Goods and Services
Supply is the amount of goods available, & Demand is how badly people want a good or service.
Supply and Demand
