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9 Cards in this Set

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  • Back

want

desire individuals and nations have that can be met by getting a good or a service

economics

he study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants

resource

a thing that can be used–natural resources, labor, capital–to make goods or services

scarcity

the situation of not having enough resources to satisfy all one’s wants

economic system

a nation’s way of producing things its people want and need

traditional economy

an economic system in which the decisions of what, how, and for whom to produce are based on custom or habit

market economy

an economic system in which individuals and businesses own all resources and make economic decisions on the basis of price

command economy

an economic system in which the government makes the major economic decisions

mixed market economy

a market economy that has elements of command and tradition