Economics Flashcards
A means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country.
Economic System
The network of buyers, sellers and other actors that come together to trade in a given product or service.
Market Economy
An economic system that combines the elements of a market economy and the elements of a planned economy.
Mixed Economy
A political and economic system that seeks to create a classless society in which the major means of production, such as mines and factories, are owned and controlled by the public.
Communism
The division of a business responsible for finding, recruiting, screening, and training job applicants and administering employee benefit programs.
Human Resources
The state of being scarce or in short supply; shortage.
Scarcity
Often considered to be a fundamental concept within economics and is primarily used to describe the price and availability of commodities.
Supply & Demand
Can be owned, returned, and have their quality measured and are not tangible, cannot be owned, returned, and cannot easily have their quality measured.
Goods and Services
A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Socialism
Those in which customs and traditions are more important than money.
Traditional Economy
Supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.
Capitalism
An economy in which production, investment, prices, and incomes are determined centrally by a government.
Command Economy
