Econ Flashcards
Costume, traditions, 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 & sellers interact
Market Economy
Most democratic countries have some characteristics of both system,
Mixed Economy
The limited supply of something
Scarcity
Trading without using money
Bartering
competition between companies
Free Enterprise
a political and economic theory of social organization
Socialism
relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy.
supply and demand
H.E.I
Human resources
what will be produced, how will it be produced, and how will the output society produces be distributed?
What are the three basic economic questions?
The government
In a command economy, who makes all of the decisions?
Capitalism
an economic and political system in which a country’s trade and industry are controlled by private owners for profit.
What are the three basic economic questions?
what to produce, how to produce it, and who to produce it.
In a command economy, who makes all of the decisions?
A central Government
