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9 Cards in this Set
- Front
- Back
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want |
desire individuals and nations have that can be met by getting a good or a service |
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economics |
he study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants |
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resource |
a thing that can be used–natural resources, labor, capital–to make goods or services |
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scarcity |
the situation of not having enough resources to satisfy all one’s wants |
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economic system |
a nation’s way of producing things its people want and need |
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traditional economy |
an economic system in which the decisions of what, how, and for whom to produce are based on custom or habit |
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market economy |
an economic system in which individuals and businesses own all resources and make economic decisions on the basis of price |
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command economy |
an economic system in which the government makes the major economic decisions |
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mixed market economy |
a market economy that has elements of command and tradition |
