Economics Terms Flashcards
scarcity the limited supply of something because of this, country must make a plan of how to use these limited resources.
Traditional Economy
goods and services or the investment, goods takes place according to economic plans that are either economy-wide or limited to a category of goods and service
Command Economy
price signals created by the forces of supply and demand
Market Economy
when you lose food and money
Scarcity
trading food, items,etc
Bartering
A market economy is an economic system
Free Enterprise
economic system based on the private ownership of the means of production and their operation for profit.
Capitalism
Socialism is a political philosophy and movement encompassing a range of economic and social systems
Socialism
supply and demand is an economic model of price determination in a market
Supply/Demand
any person who is compensated for supplying skills or knowledge to help an organization achieve its business goals.
Human Resources
how will it be produced, and how will the output society produce be distributed
What are the three basic economic questions
the government
In a command economy, who makes all of the decisions
almost every country can be considered a mixed economy,
Most countries are what type of economy?
