Econimic system Flashcards
(14 cards)
Scarecity
the limited supply of something
bartering
trading money is not involved
three basic econmic questions
what goods will be produced
how will goods be produced
who will produce goods
commend economy
all economic decisons are made by the government
market economy
economic decisons are made by the shop owners
free enterprise
competition between companys
mixed
the country doesnt have 100% coomend nor market
the continuum
how free a country is
traditonal economy
all economic decisons are based on customs, tradionals, and beliefs
Nation-state
Country that is ethencly the same
Communism
It is a system where everyone shares wealth
Capitalism
Industray is controled by the private citizen gorvenment does not interfere
Human Resources
A person and their skills
Supply and Demand
Amount of product avaliable and how many people what that item
