🥀Economics🥀 Flashcards
People will make what they always made & do the same thing there parents did.
Traditional Economy
the division of a business responsible for finding, screening, recruiting, and training job applicants.
Human Resources
all economic decisions are based on the government.
Command Economy
Economic decisions are made based on the changes in prices that occur as buyers & sellers interact in the market place.
Market Economy
Most democratic countries have some characteristics of both systems, so we keep them simple and call them.
Mixed Economy
The limited supply of something.
Scarcity
Trading without using money.
Bartering
Competition between companies.
Free Enterprise
an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market
Capitalism
any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods
Socialism
the amount of goods and services that are available for people to buy compared to the amount of goods and services that people want to buy
Supply/Demand
What are the three basic economic questions?
what will be produced, how will it be produced, and how will the output society produces be distributed?
In a command economy, who makes all of the decisions?
the government
Most countries are what type of economy?
mixed economy
