Scarcity Flashcards
(6 cards)
1
Q
focuses on individual decision-making units and how they interact
A
Microeconomics
2
Q
focuses on the economy as a whole
A
Macroeconomics
3
Q
defined by bartering and trading,
A
traditions, customs, and beliefs help shape the goods and services
4
Q
an economic system in which the means of production are publicly owned and economic activity is directed by a central government or portion of the government
A
Command economy
5
Q
an economic system in which the forces of supply and demand determine what goods and services are produced
A
Market economy
6
Q
characteristics of both command and market economies; supply and demand largely influence the economy, government intervention to meet certain economic goals
A
Mixed economy
