Economics Flashcards
Economic system
An economic system is a way that people in a society work together to make and trade things
Market economy
The market economy is in which supply and demand are in use
mixed economy
a mixed economy is a common system in many developed countries
Communism
Government owns / regulates some parts of the economy for the benefit of the nation
Human resources
People who work to produce a good or service
Scarcity
Scarcity is a limited supply of something
Supply and demand
What is the amount of good available and demand is how bad people want a good or service
Goods and services
goods or objects that satisfy people’s lives in services for us that satisfied our wants
Socialism
Government own / regulate some parts of the economy for the benefit of the whole Nation
Traditional economy
A traditional economy is when there is no government in control of goods and services
Capitalism
Individuals and private businesses on everything and make economy decisions free from government regulation
Command economy
Example for command is North Korea Cuba and Soviet Union
