gc Flashcards
Economic system
A way people in a society works together to make or trade things.
Traditional Economy
No government control so people do business on their own.
Command Economy
Also known as a socialist or communist system is when the government or a leader makes all decisions on what and how much to produce and what prices will be.
Market Economy
individuals own and control businesses instead of the government
Mixed Economy
Is a common system in many developed countries, combines elements of both capitalism and command economies.
Communism
Government owns/regulates all aspects of the economy.
Socialism
Government owns/regulates all aspects of the economy for the benefit of the whole nation
and
individuals and private businesses also their own make their own economic decisions, keeping the profits and accepting the losses.
Capitalism
Individuals and private businesses own everything and make economic decisions free from government regulation, keeping profits and accepting the losses without intervention.
Human Resources
People who work to produce goods or a service.
Scarcity
Limited supplies of something.
Goods and services
Goods - Are objects that satisfy people’s wants.
Services - Are things people do for us that satisfy our wants
Supply and Demand
Supply - the amount of goods available.
Demand - how badly people want a goods or service.
