Economics Flashcards
Economic System
A way that people in a society work together to make and trade things.
Traditional Economy
There is no government control, so people do business on their own. This system is based on old customs and traditions.
Market Economy
Individuals and private businesses own everything and make economic free from government regulation.
Command Economy
The government owns/regulates all aspects of the economy.
Mixed Economy
A common system in many developed countries, it combines elements both capitalism and command economics.
Communism
The government owns/regulates all aspects of the economy for the benefit of the whole nation.
Socialism
The government owns/regulates some parts of the economy.
Capitalism
When individuals own and control businesses instead of the government.
Human Resources
People who work to produce a good or a service.
Sacraticy
Is the limited supply of something.
Goods and Services
Goods are objects that satisfy peoples wants and Services are things people do for us that satisfy our needs.
Supply and demand
Supply is the amount of goods available and demand is how badly people want a good or a service.
