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20 Cards in this Set
- Front
- Back
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Economics |
is the study of how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of scarce resources |
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Traditional |
Economic decisions are based on customs and centered around family |
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Market Economy |
No central coordinator but the economic system self-regulates itself |
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Command Economy |
Government controls or dictates what is produced |
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Mixed Economy |
Mix of command and market economy |
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Supply |
how much of a good or service that is available at different prices |
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Demand |
the desire to own something and the ability to pay for it |
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Equilibrium |
price (the point at which the supply and demand curve meet) |
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The Federal Reserve |
Central bank of the United States, regulates money supply |
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Stock Market |
where shares of stocks (shares of ownership in corporations) and other securities (such as bonds and futures) are bought and sold (or traded) |
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Stock exchange |
physical location where stocks are listed and bought and sold (or traded) |
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Bull market |
Stock prices are going up |
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Bear market |
Stock prices are going down or fallingu |
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Traditional Economie(s) |
Amish |
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Traditional Economie(s) |
Indian Tribes |
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Traditional Economie(s) |
Vanuata |
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Command Economy Advantages |
private economic freedom |
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Command Economy Disadvantages |
Fewer choices in the marketplace |
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Stock Exchange Location |
New York |
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The Federal Reserve |
Central bank of the United States, regulates money supply |
