Economics Flashcards
(12 cards)
The way people in a society work together to make and trade things
Economic system
There is no government control
Traditional economy
Individualists own and control businesses instead of the government.
Market economy
Individuals and private businesses own everything and make economic decisions free from government regulation keep profits and accepting losses without intervention
Capitalism
People can start their own businesses but have to follow government laws
Mixed economy
Government owns/regulates all aspects of the economy
Communism
The government or a single leader makes all the decisions
Command economy
Government owns?regulates some parts of the economy for the benefit of the whole nation; and individuals and private businesses also make their own economic decisions keeping the profits and accepting the losses
Socialism
People who work to produce a good or service
Human resources
The limited supply of something
Scarity
Objects that satisfy people’s wants and services are things people do for us that satisfy our wants
Goods and services
Supply is the amount of goods available, and demand is how badly people want a good or service
Supply and demand
