Economics Flashcards
There is not a single country in the world that has an abundance of all resources that its people need/want.
Economic System
a capitalist economic system is when individuals own and control businesses instead of government.
Market Economy
U.S,Japan and most of Europe this system combines elements of both capitalism and command economies.
Mixed Economy
Government owns/regulates all aspects of the economy
Communism
People who work to produce a good or service
Human Resources
In short supply of something
Scarcity
Prices are determined by the relationship between supply and demand
Supply and Demand
Services are activities provided by other people, such as teachers or barbers. Taken together, it is the production, distribution, and consumption of goods
Goods and Services
Government owns/regulates some parts of the economy for the benefit of the whole nation.
Socialism
Individuals and private businesses own everything and make economic decisions free from government regulation\keeping
Capitalism
A system that relies on customs,history, and time horned benefits
Traditional Economy
One in which a centralized government controls the means of production and detriments output levels
Command Economy
