Economy Flashcards
The limited supply of something.
Scarcity
Trading without using money.
Bartering
Competition between companies (shifts prices of goods/services).
Free Enterprise
An economic or political system that has a country’s trade and industry that are controlled by a private owner for profit.
Capitalism
Production, exchange, and distribution should be owned or regulated by a whole community.
Socialism
A product that is available and a desire to get the available product.
Supply/Demand
When a business is responsible for all work/worker related things.
Human Resources
What are three basic economic questions
What goods/services will be produced?
How will goods/services be produced?
Who will consume the goods/services?
In a command economy, who makes all of the decisions?
The government
Most countries are what type of economy.
Mixed economy
