Study sets matching "economics economic systems decision"

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Study sets matching "economics economic systems decision"

25 terms
Economic Systems and Decision Making
Traditional economy
Economic systems
Command economy
Socialism
economic system in which the allocation of scarce resources,…
organized way a society provides for the wants and needs of i…
economic system characterized by a central authority that mak…
economic system in which government owns some factors of prod…
Traditional economy
economic system in which the allocation of scarce resources,…
Economic systems
organized way a society provides for the wants and needs of i…
29 terms
Economics - Economic Systems & Decision Making
Economic System
Traditional Economy
Command Economy
Market Economy
an organized way of providing for the wants and needs of thei…
An economy in which production is based on customs and tradit…
An economic system in which the government controls a country…
Economic decisions are made by individuals or the open market.
Economic System
an organized way of providing for the wants and needs of thei…
Traditional Economy
An economy in which production is based on customs and tradit…
24 terms
Economics Ch 2 Economic Systems and Decision Making
economic system
traditional economy
command economy
market economy
the method used by a society to produce and distribute goods…
economic system that relies on habit, custom, or ritual to de…
economic system in which a central authority is in command of…
an economic system based on free enterprise, in which busines…
economic system
the method used by a society to produce and distribute goods…
traditional economy
economic system that relies on habit, custom, or ritual to de…
Economic Systems and Decision Making
A great variety of goods and services…
The American economic system can be de…
Refusing a job applicant on the basis…
Public education in the United States…
A Marker economy
Free enterprise
Called discrimination
Government
A great variety of goods and services…
A Marker economy
The American economic system can be de…
Free enterprise
27 terms
Economic Systems and Decision Making
Economic system
Traditional economy
Command economy
Market economy
An organized way of providing for the wants and need of a soc…
Economic system in which basic economic activity stems from r…
Economic system in which basic economic decisions are made by…
Economic system in which basic economic decisions are made by…
Economic system
An organized way of providing for the wants and need of a soc…
Traditional economy
Economic system in which basic economic activity stems from r…
32 terms
Economic Decisions and Systems
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
32 terms
Economic Decisions & Systems
basic economic problem
capital resources
capitalism
command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
basic economic problem
the mismatch of unlimited wants and needs and limited economi…
capital resources
products and money used to produce goods and services
63 terms
Economics Chapter 2 - Economic Systems and Decision Making
Economic System
-Traditional... -Command... -Market
WHAT, HOW, and FOR WHOM
Traditional Economy
Organized way a society provides for the wants and needs of i…
What are the three major kinds of economies ?
Remember, societies must decide ________________,____________…
Economic system in which the allocation of scarce resources a…
Economic System
Organized way a society provides for the wants and needs of i…
-Traditional... -Command... -Market
What are the three major kinds of economies ?
Econ: Economic Systems and Decision Making
Capitalism
Command Economy
Communism
Consumer Sovereignty
Goods are created and sold privately rather than by central p…
Government determines what goods should be produced, how much…
A command system where the government owns all the factors of…
Consumer preferences determine what goods will be produced
Capitalism
Goods are created and sold privately rather than by central p…
Command Economy
Government determines what goods should be produced, how much…
34 terms
Chapter 2: Economic Decision Making and Economic Systems
basic economic decisions
economic system
4 types of economic models
relationship among scarcity, basic eco…
the choices that must be made in any society regarding what t…
-the way in which an economy is organized to make the basic e…
-agrarian/traditional economies... -market economies... -planned or…
scarcity imposes basic economic decisions (what to produce, h…
basic economic decisions
the choices that must be made in any society regarding what t…
economic system
-the way in which an economy is organized to make the basic e…
Economic Systems & Decision Making
Economy
Economic System
Traditional Economy
Command Economy
An organized way of providing for the wants and needs of thei…
An organized way of providing for the wants and needs of thei…
The allocation of scarce resources , and nearly all other eco…
One in which a central authority makes most of the WHAT , HOW…
Economy
An organized way of providing for the wants and needs of thei…
Economic System
An organized way of providing for the wants and needs of thei…
Economic Systems and Decision Making
Services
Needs
Wants
Goods
are activities that are consumed at the same time they are pr…
things that required in order live
things that add comfort an pleasure to your life
are things you can see and touch
Services
are activities that are consumed at the same time they are pr…
Needs
things that required in order live
20 terms
Economic Systems and Decision Making
Needs
Wants
Goods
Services
things that are required in order to live.
things that add comfort and pleasure to your life.
things that you can see and touch.
activities that are consumed at the same time they are produc…
Needs
things that are required in order to live.
Wants
things that add comfort and pleasure to your life.
Economic Systems and Decision Making
Economy
Economic System
Traditional Economy
Command Economy
...
...
...
...
Economy
...
Economic System
...
16 terms
Economic systems and Decision making
Modified free enterprise economy
Competition
Socialism
Consumer Sovereignty
economy in which people carry on their economic affairs freel…
struggle among sellers to attract customers
political and economic system in which the government owns an…
role of the consumer as ruler of the market
Modified free enterprise economy
economy in which people carry on their economic affairs freel…
Competition
struggle among sellers to attract customers
18 terms
Economic Systems and Decision Making
Economy
Economic system
Traditional Economy
Command Economy
the wealth and resources of a country or region, especially i…
An economic system is a system of production and exchange of…
A traditional economy is an original economic system in which…
an economy in which production, investment, prices, and incom…
Economy
the wealth and resources of a country or region, especially i…
Economic system
An economic system is a system of production and exchange of…
32 terms
Economic Decisions & Systems
basic economic problem
capital resources
capitalism
command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
basic economic problem
the mismatch of unlimited wants and needs and limited economi…
capital resources
products and money used to produce goods and services
32 terms
Economic Decisions and systems (bruce)
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
Economic Systems and Decision Making
Economy
Economic System
Traditional Economy
Command Economy
...
An organized way of providing for the warns and needs of thei…
The allocation of scarce resources, and nearly all other econ…
Central authority makes most of what, how, and for whom decis…
Economy
...
Economic System
An organized way of providing for the warns and needs of thei…
7 terms
Economic Systems and Decision Making: Economic Systems
command economy
market economy
market
capitalism
can be headed by a king, a dictator, a president, or anyone e…
people who make decisions in their own best interest
an arrangement that allows buyers and sellers to come togethe…
an economic system where private citizens owns the factors of…
command economy
can be headed by a king, a dictator, a president, or anyone e…
market economy
people who make decisions in their own best interest
11 terms
Economics 2:1 Economic Systems and Decision Making
Economic Systems
Traditional Economy
Traditional Advantages
Traditional Disadvantages
Refers to an organized society's way of supplying goods to th…
Refers to the allocation of scarce resources, and nearly all…
In this economy's advantage: Everyone knows their role in soc…
In this economy's disadvantage: Change is discouraged, people…
Economic Systems
Refers to an organized society's way of supplying goods to th…
Traditional Economy
Refers to the allocation of scarce resources, and nearly all…
economic systems and decision making
our economic system is called a ______…
in the united states the customer's co…
people and companies make most of the…
people who are living on a ________ fi…
modified private enterprise economy
consumer sovereighnty
market economy
fixed income
our economic system is called a ______…
modified private enterprise economy
in the united states the customer's co…
consumer sovereighnty
55 terms
Economic Decision and Systems
W/N-a jogging suit
W/N-a loaf of bread
W/N-a videocassette recorder
Economic resources are often called___…
want
need
want
factors of production
W/N-a jogging suit
want
W/N-a loaf of bread
need
27 terms
Economic Systems and Decision Making
Economic system
Traditional economy
Command economy
Market economy
An organized way of providing for the wants and need of a soc…
Economic system in which basic economic activity stems from r…
Economic system in which basic economic decisions are made by…
Economic system in which basic economic decisions are made by…
Economic system
An organized way of providing for the wants and need of a soc…
Traditional economy
Economic system in which basic economic activity stems from r…
25 terms
Economic Decisions and Systems
Wants
Needs
Goods
Services
Things that add comfort and pleasure to your life
Things that are required in order to live
Things that you can see and touch
Activities that are consumed at the same time they are produced
Wants
Things that add comfort and pleasure to your life
Needs
Things that are required in order to live
20 terms
Economic Decisions and Systems
scarcity
economic decision-making
trade-off
opportunity cost
not having enough resources to satisfy every need.
the process of choosing which needs and wants will be satisfi…
When you give up something to have something else.
the value of the next-best alternative that you were not able…
scarcity
not having enough resources to satisfy every need.
economic decision-making
the process of choosing which needs and wants will be satisfi…
30 terms
Economic Decision and System
Basic economic problems
Capital resources
command economy
competitors
Not having enough goods to satisfy our wants
...we have access to tools
...products income are determined by the government
the rivalry among businesses to sell the goods and services
Basic economic problems
Not having enough goods to satisfy our wants
Capital resources
...we have access to tools
Economic Decisions and Systems
Basic Economic Problem
Capital Resources
Capitalism
Command Economy
The mismatch of unlimited wants and needs and limited economi…
Products and money used to produce goods and services
The private ownership of economic resources by individuals ra…
An economy in which resources are owned and controlled by the…
Basic Economic Problem
The mismatch of unlimited wants and needs and limited economi…
Capital Resources
Products and money used to produce goods and services
31 terms
Economic Systems and Decision Making
Economic systems
Traditional economy
Command economy
Market economy
An organized way of providing for the wants and needs of thei…
The use of scarce resources—and nearly all other economic act…
A central authority makes the major decisions about WHAT, HOW…
People make decisions in their own best interest
Economic systems
An organized way of providing for the wants and needs of thei…
Traditional economy
The use of scarce resources—and nearly all other economic act…
Economic Decisions and Systems
Scarcity
Economic decision-making
Trade-off
opportunity cost
Not having enough resources to satisfy every need
the process of choosing which needs and wants will be satisfied
An exchange of one thing in return for another
cost of the best alternative use of money, time, or resources…
Scarcity
Not having enough resources to satisfy every need
Economic decision-making
the process of choosing which needs and wants will be satisfied
Economic Decisions and Systems
Scarcity
Economic Decision-making
Trade-off
Opportunity cost
Not having enough resources to satisfy every need.
the process of choosing which needs and wants will be satisfi…
Giving up one thing for another
The value of the next best alternative that must be forgone a…
Scarcity
Not having enough resources to satisfy every need.
Economic Decision-making
the process of choosing which needs and wants will be satisfi…
32 terms
Economic Decisions and Systems
Basic Economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
the products and money used in the production of goods and se…
Refers to private ownership by individuals
governments in control
Basic Economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
the products and money used in the production of goods and se…
Economic Decisions and Systems
Basic Economic Problem
Capital Resources
Capitalism
Command Economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic Economic Problem
the mismatch of unlimited wants and needs and limited economi…
Capital Resources
products and money used to produce goods and services
32 terms
Economic Decisions and Systems
Basic economic problem
Capital resources
Capitalism
Command economy
The mismatch of unlimited wants and needs and limited economi…
Products and money used to produce goods and services.
The private ownership of economic resources by individuals ra…
An economy in which resources are owned and controlled by the…
Basic economic problem
The mismatch of unlimited wants and needs and limited economi…
Capital resources
Products and money used to produce goods and services.
32 terms
Economic Decisions and Systems
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
Economic Decisions and Systems
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
32 terms
Economic Decisions and Systems
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
14 terms
Economic Decisions & Systems
Needs
Wants
Goods
Services
thing needed to survive
luxury itmes
things you can see and touch
activities provided for satisfaction of others
Needs
thing needed to survive
Wants
luxury itmes
Economic systems and decision making
Economic system
Traditional economy
Market economy
Capitalism
Providing for the wants and needs of the people.
Use if scarce resources.
People make decision in own best interest.
Private citizens own factors of production.
Economic system
Providing for the wants and needs of the people.
Traditional economy
Use if scarce resources.
Economic Decisions & Systems
Basic Economic Problem
Capital Resources
Capitalism
Command Economy
Mismatch of unlimited wants & needs vs. ... Limited economic res…
Products & money used to produce goods & services
Private ownership of economic resources by individuals rather…
Economy in which resources are owned & controlled by governme…
Basic Economic Problem
Mismatch of unlimited wants & needs vs. ... Limited economic res…
Capital Resources
Products & money used to produce goods & services
Economic Decisions And Systems
Basic economic problem
Capital Resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital Resources
products and money used to produce goods and services
Economic Decisions And Systems
Basic Economic Problem
Capital Resources
Capitalism
Command Economy
The mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services
The private ownership of economic resources by individuals ra…
An economy in which resources are owned and controlled by the…
Basic Economic Problem
The mismatch of unlimited wants and needs and limited economi…
Capital Resources
products and money used to produce goods and services
59 terms
Economic Decisions & Systems
want
need
Basic economic problem
scarcity
not necessary for survival, but adds comfort and pleasure to…
things that are necessary for survival examples: food, clothi…
unlimited wants and needs, Limited economic resources
not having enough resources to satisfy every need, limited su…
want
not necessary for survival, but adds comfort and pleasure to…
need
things that are necessary for survival examples: food, clothi…
Economic Decisions and Systems
Basic Economic Problem
Capital Resourses
Capitolism
Command Economy
The mismatch of unlimited wants and needs and limited economi…
Products and Money used to make goods and services.
The private ownership of economic resources by individuals ot…
An economy where resources are owned and controlled my govern…
Basic Economic Problem
The mismatch of unlimited wants and needs and limited economi…
Capital Resourses
Products and Money used to make goods and services.
32 terms
Economic Decisions and Systems
Capital resources
Basic economic problem
Capitalism
Command economy
products and money used to produce goods and services.
the mismatch of unlimited wants and needs and limited economi…
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Capital resources
products and money used to produce goods and services.
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
32 terms
Economic Decisions and Systems
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
31 terms
Economic decisions/systems
Capitalism
Consumer
Producers
Goods
Private ownership of resources by individuals rather than by…
Person who buys and uses goods and services
Individuals and organizations that determine what products an…
Things that you can see and touch
Capitalism
Private ownership of resources by individuals rather than by…
Consumer
Person who buys and uses goods and services
Economic Decisions and Systems
Basic Economic problem
Capital Resources
Capitalism
Command Economy
The mismatch of unlimited wants and needs and limited economi…
The products and money used in the production of goods
The private ownership of resources held by the individuals.
The resources are owned and controlled by the government, gov…
Basic Economic problem
The mismatch of unlimited wants and needs and limited economi…
Capital Resources
The products and money used in the production of goods
Economic Decisions and Systems
Basic Economic Problem
Capital Resources
Capitalism
Command Economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic Economic Problem
the mismatch of unlimited wants and needs and limited economi…
Capital Resources
products and money used to produce goods and services.
Economics Decisions and Systems
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
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