Economics Flashcards
A way at people in a society work together to make and trade things.
Economic System
An economy that their is no government and is based on tradition.
Traditional Economy
Goods and services are made based on what people want.
Market Economy
An economy that the government that has absolute control over it.
Command Economy
This system combines elements of both capitalism and command Economy.
Mixed Economy
An economy that the government that has absolute control over it.
Communism
When a government leader makes all the decisions for the economy. They decide what to make, how much to make, and how to make it.
Socialism
When individuals own and control businesses instead of the government.
Capitalism
People who work to produce goods and services for people.
Human Resources
The limited supply of an certain item.
Scarcity
Something that people want and how much people want something.
Supply and demand
Items that satisfy peoples needs and a good deed for someone.
Goods and Service
