Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

9 Cards in this Set

  • Front
  • Back


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


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


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


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