economics Flashcards
economic system
an economic system is a way that people in a society work together to make and trade things
market economic
a capitalist economic system is when indivisuals own and control business instead of the government
mixed economy
a mixed economy is a common system in many developed countries like us and japan
communism
government owns/regulates all aspects of the economy
human resources
people who work to produce a good or service
scarcity
the limited supply of something
supply and demand
supply is the amount of goods available , and demand is how bad people want it
goods and services
goods are object that satisfy peoples want. And services are things people do for us that satisfy our wants
socialism
socialism is when the government or a single leader makes all the decisions
traditional economy
there is no government in control so people do business on their own
capitalism
a capitalist economic system is when individuals own and control buisnesses instead of the government
command economy
they decide what to produce,how to produce it,and what the prices will be
