Economy Flashcards
What is Scarcity
The limited supply of something
countries must make a plan of how to use limited resources what is this plan called
Economic system
All economic decisions are based on what
Customs and traditions
trading without using money
Barting
All economic decision are made by who
Government
Economic decisions are made based on the changes in prices that occur as buyers & sellers interact in what
Market place
The government has____over the economy
No control
Most democratic countries have some characteristics of both systems, so we keep it simple and call them what
United
Name the countries on the economic continuum from command to market
Cuba,Russia,Germany,UK,US, Australia
Nation state
a country with a government
communism
Everyone is equal & all property is communally owned
Capitalism
Every thing is privately owned and ruled by free competition
Human Resources
Workers and their skills
Supply and demand
Amount of a product and peoples willingness or ability and purchase it.
