Economies Flashcards
Free flow of ideas, so there is a lot of innovation.
Traditional Economy
This type of economic system does not depend on the law of supply and demand.
Command Economy
Is a type of economic system that relies solely on the law of supply and demand.
Market Economy
An economic system combining private and public enterprise.
Mixed Economy
The state of being in short supply.
Scarcity
Exchange goods or services for other goods or services without using money.
bartering
An economic system in which private business operates in competition and largely free of state control.
free enterprise
An economic and political system in which a country’s trade and industry are controlled by private owners for profit.
capitalism
The amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.
supply/demand
The personnel of a business or organization, especially when regarded as a significant asset.
human resources
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
mao are what type of economy
Mixed Economy
