Government/Economic basics Flashcards
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economic decisions are based on customs,tradition & beliefs
traditional Economy
all economic decisions are made by the government
command Economy
an economic system where two forces, known as supply and demand, direct the production of goods and services
market Economy
characteristics of both systems
mixed economy
the limited supply of something
scarcity
trading without using money
bartering
competition between companies
free enterprise
an economic and political system in which a country’s trade and industry are controlled by private owners for profit.
capitalism
Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests.
socialism
the willingness and ability of consumers to. purchase a given amount of a good or service at a given price and the willingness. of sellers to offer a given quantity of a good or service for a given price.
demand/supply
studies individual, family, and market investments in various forms of human capital such as education, on-the-job training, and health.
human resources
what are three basic economic questions??
what will be produced, how will it be produced, and how will the output society produces be distributed?
In a command economy, who makes all of the decisions?
the government
Most countries are what type of economy?
mixed economy
