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Cards in this deck (8)
- 1Command Economiescharacterized by government ownership of vital materials (e.g. socialism, communisim)
- 2Market EconomiesAn economy that
- 3Command EconomiesCharacterized by government ownership of the vital resources (e.g. communism, socialism)
- 4Market EconomicsAn economy that allocates resources through the decentralized decisions of many households and firms as they interact in markets for goods and services. (e.g. Capitalism)
- 5MarketAn institution or mechanism that brings together buyers (demanders) and sellers (suppliers) of a particular good or services
- 6HouseholdA person or a group of people that buy the final goods and services of an economy.
consumers - 7FirmA person or group of people that are organized to earn a PROFIT that combine scarce resources to produce a good or service for sale in the economy.
- 8Characteristics of a Market EconomyPrivate Property, Freedom of Enterprise and Choice, Self-Interest, Competition, Markets and Prices, Technology and Capital Goods, Specialization, Money and Limited Government.
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- Economics Flashcards on Untitled, created by Ellen Anderson on 01/09/2016.
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- Ellen Anderson
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