Econ Flashcards
The system relies on communities and the cohesion between them to provide and sustain each other
Traditional Econ
In this system, power is centralised either to the government or a sole ruler. In turn, they decide the rules of the government and command how interactions take place
Command Econ
The means of production is owned and controlled by private enterprise rather than the government. Instead of government dictating what goods and services should be produced, these are driven by supply and demand
Market Econ
The system often has some level of private ownership of the means of production. However, in a mixed economy, some industries are controlled by the government
Mixed Econ
The demand for a good or service is greater than the availability of the good or service
Scarcity
A cashless economic system in which services and goods are traded at negotiated rates
Bartering Econ
An economic system that provides individuals the opportunity to make their own economic decisions , free of government constraints, and as a private profit potential business
Free Enterprise Econ
An economic and political system in which a country’s trade and industry are controlled by private owners for profit
Capitalism
An economic and political systems where the workers or the workers or the government owns the buildings and tools that makes goods and services like farms and factories
Socialism
The relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy
Supply/Demand
Resources made by humans
Human Resources
What are the three basic economic questions?
- What goods/services will be produced
- How will goods/services be produced
- Who will consume the goods/services
In a command economy, who makes all the decisions?
The Government
Most countries are what kind of economy
A Mixed Economy
