Lesson 1 Chapter 17 Vocab Flashcards
What is a want?
Thinks people would like to have.
What is a resource?
Anything that can be used to make goods or services.
What is economics?
The study of how people use limited resources to satisfy unlimited wants.
What is scarcity?
Not having enough resources to satisfy ones needs and wants.
What is the economic system?
A nations way of producing the things people want and need.
What is the traditional economy?
An economic system in which major economic decisions are based on custom or habit.
What is market economy?
An economic system in which people and businesses own all resources and make economic decisions on the basis of price.
What is command economy?
An economic system in which the government makes the major economic decisions.
What is mixed market economy?
An economy in which businesses and individuals make the major economic decisions but in which the government also plays a role.
