Economics🫠

Question 1

Economic system

Answer 1

Is a way that people in a society work together to make and trade things

Question 2

Market economy

Answer 2

is a common system in many developed counstios like USA or japan

Question 3

command economy

Answer 3

is when individuals own and control business instead of the gov

Question 4

Mixed economy

Answer 4

is a common system in many developed

Question 5

communism

Answer 5

government owns/regulates all apects of economy

Question 6

Socialism

Answer 6

government owns/regulates some parts of the whole

Question 7

Human resources

Answer 7

people who work to produece a good or servie

Question 8

Traditional economy

Answer 8

there is no goverment control so people do business on there own

Question 9

capitalism

Answer 9

Indiuds and Pnhade businesses own everything and have eneomic deensnons from govrement

Question 10

scarcity

Answer 10

the limited supply of something.

Question 11

goods and services

Answer 11

goods are objects that satisfy wants and sernces are things people do tard us may

Question 12

supply and demand

Answer 12

Supply is the smout of gods available and demand is how badly people want a good and service.