Econ Flashcards
All economic decisions are based on Customs,traditions, and beliefs
Traditional Economy
All economic decisions are made by the government
Command Economy
Economic decisions are made based on the changes in prices that occur as buyers and sellers interact in the market place.
Market Economy
Basically Market economy and a little bit of a another economy
Mixed Economy
The limited of supply of something.
Scarcity
Trading.
Bartering
Helps competition between companies (shifts prices of goods/services)
Free Enterprise
Where you get to decide everything.
Capitalism
A political and economic theory of social organization which advocates that the means of production.
Socialism
Example: There is a low amount of something but has a high demand.
Supply/Demand
Stuff that is made by humans
Human Resources
What goods/services will be produced?
How will goods/services be produced?
Who will consume the goods/services?
What are the three basic economic question?
The government makes all the decisions
In a command economy, who makes all the decisions?
Mixed economy
Most countries are what type of economy?
