ECONOMICS Flashcards
a way that people in a society
work together to make and trade things
economic system
there is no government control
traditional economy
this system encourages companies to create new products that people want
market economy
government owns/regulates
all aspect of the economy
command economy
a mixed economy is a command
system in many developed countrys
mixed economy
government owns/regulates
all aspect of the economy
communism
governments owns/regulate
some parts of the economy
for the benefit of the whole nation
socialism
individual and privet business
own everything and make economic decision free from government regulation,keeping the profits and excepting the losses without intervention
capitalism
people who work to produce
a good or a service
human resource
not a single country in the world that has an abundance of
all the resources that its people want/need
scarcity
goods are objects that satisfy
peoples wants and services
things people do for us that satisfy our wants
goods and services
supply is the amount of goods available, and demanded is how badly people want a good or service
supply and demand
