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15 Cards in this Set

  • Front
  • Back
study of how a society uses its recources to meet its needs

study of choice
a source of supply or support
human resources
people - labor or work effort exerted in production
capital resources
used for production of other goods (tools)
needs and wants are greater than resources availiable
resources provided by nature
natural resources
traditional economy
use traditions from the past for production. decisions are based upon costoms and the past.
market economy
basic economic questions are answered by the people and business. buyers and sellers come togheter to exchange goods and services
the basic economic questions
what will be produced

how will it be produced

for whom will i be produced
we use certain tools to evaluate economic systems
literacy rate
life expectancy
infant mortality rate
per capita income
command economy
all decisions are made by the government. individuals have little control or influence over the way the economic questions are answered.
hunters and gatherers
often nomadic
egalitarian society
traditional economy
public ownership of all resources
gov't decides what will be produced by who and for whom
emphasis on heavy industry at the expense of consumer products
command economy
self interest
profit motive
profit ownership of means of production
open competition
supply and demand
markey economy
decisions are made by gov't

decisions are made mainly by individual households and businesses