Econ Flashcards
What is an economic system with decisions based on customs, traditions & beliefs of the past?
Traditional Economy
What is an economic system with all decisions made by the government?
Command Economy
What is an economic system with decisions are made based on changes in prices that occur in the market place?
Market Economy
What is an economic system combining private and public ?
Mixed Economy
What is the limited supply of something?
Scarcity
What is trading without using money?
Bartering
What is the competition between companies?
Free Enterprise
What is the economic system controlled by private owners?
Capitalism
What is the economic system controlled by the community?
Socialism
What is the relationship between how much there is to sell and how much there is to buy?
Supply/Demand
What is needed for labor to produce good and services?
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 of the decisions?
Government
Most countries are what type of economy?
Mixed
