economy systems Flashcards
all econ. decisions are based on customs, traditions, and beliefs
traditional econ.
all econ. decisions are made by the government
command econ.
all econ. decisions are based on supply and demand
market econ.
econ. decisions are made by supply and demand, but with rules and regulations
mixed econ.
the limited supply of something
scarcity
trading without using money
bartering
competition between companies
free enterprise
private ownership of property and resources
capitalism
public ownership of property and resources
socialism
the amount of specific goods that are available/people want to buy
supply/demand
the set of people who make up the workforce of an organization
human resources
what are the three basic economic questions?
what, who, and how
in a command economy, who makes all of the decisions?
the government
most countries are what type of economy?
mixed
