Economics Flashcards
A way that people in a society work together to make and trade things.
Economic system
There is no government control, so people do business on their own. This system is based on old customs and traditions.
Traditional Economy
When individuals own and control busnissus instead of the government.
Market Economy
The government or a single leader makes all of the decisions. They decide what to produce, how much to produce, and what prices will be.
Command Economy
A common system in many developed countries, like the US, Japan, and most of Europe.
Mixed Economy
Government owns/regulates all aspects of the economy
Communism
The government or a single leader makes all of the decisions. They decide what to produce, how much to produce, and what prices will be.
Socialism
When individuals own and control busnissus instead of the government.
Capitalism
People who work to produce a good or service.
Human Resources
The limited supply of something
Scarcity
Goods are objects that satisfy people’s wants and services are things people do for us that satisfy our wants.
Goods and Services
Supply is the amount of goods available, and Demand is how badly people want a good or service.
Supply and Demand
