economics terms Flashcards
All economic decisions are based on customs, tradition of the past.
Traditional Economy
All economic decisions are made by the government.
Command Economy
Economic decisions are made on the changes in prices the occur as buyers and sellers interact in the market place
Market Economy
Its the mixed of command and mixed economy
Mixed Economy
the limited supply of something
Scarcity
trading without using money
Bartering
competition between companies
Free Enterprise
Capitalism
Socialism
Supply/Demand
meansworkers and their skills used to produce a good or service
Human Resources
What are the three basic economic questions?
all the decisions are made by the government
In a command economy, who makes all of the decisions?
the middle or closer to market but command and market
Most countries are what type of economy?
