Economies Flashcards
a basic economic system where customs and traditions are the elements that determine the way trade and commerce are performed.
Traditional Economy
a system in which a central government makes all economic decisions.
Command Economy
a type of economic system where supply and demand regulate the economy, rather than government intervention.
Market Economy
a system that combines aspects of both capitalism and socialism.
Mixed Economy
the demand for a good or service is greater than the availability of the good or service.
Scarcity
It is the oldest form of commerce.
Bartering
an economic system that provides individuals the opportunity to make their own economic decisions, free of go.
Free Enterprise
citizens, not governments, own and run companies
Capitalism
a populist economic and political system based on collective, common, or public ownership of the means of production.
Socialism
Supply is the amount of a specific good or service that’s available in the market. Demand is the amount of the good or service that customers want to buy.
Supply/Demand
the department within a business that is responsible for all things worker-related.
Human Resources
what will be produced, how will it be produced, and how will the output society produces be distributed?
What are the three basic economic questions?
central government
In a command economy, who makes all of the decisions?
mixed economic systems
Most countries are what type of economy?
