European Economics Flashcards
1
Q
What is economics
A
The study of things that are bought, sold, and made
2
Q
Questions answered by an economic system.
A
For whom to produce?
What to produce?
How to produce
3
Q
What is a command government
A
When the government makes decisions
4
Q
What is a traditional government
A
When government is based on traditions; customs.
5
Q
What is a market economy
A
The people. (Consumers/Producers)
6
Q
What are capital resources?
A
Things that are made to produce other goods and services.
7
Q
What is Human Capital/Labor Resources
A
Experienced workers. Educators.
8
Q
A
