Economics Flashcards
(12 cards)
Economic system
Countries must make a plan of how to use these limited resources.
Traditional Economy
There is no government control,so people do business on their own.
Market Economy
Individuals and private businesses own everything and make economic discision free from government regulation,keeping the profits and accepting the losses without
Command economy
Government owns/regulates all aspects of the economy
Mixed economy
It is a common system in many developed countries like the US, Japan,and most of Europe.
Socialism
It is a single leader that makes all disisions like how much they produce and what they produce.
Communism
Government owns/regulates all aspects of the economy.
Capitalism
In capitalism, private indivisuals use their money to create goods to make profit.
Human resources
People who work to produce a good or a service.
scarcity
The limited supply of something
Goods and services
Goods are objects that satisfy people’s wants and services are things people do for us that satisfy our wants.
Supply and demand
Supply is the amount of goods available, and demand is how badly people want a good or service.
