European Government and Economics

Front

-way a country decides what goods and services will be produced, how they will be produced and who will consume them

Back

Economic System

Front

What type of economy is characterized by customers and habits of the past deciding what and how goods and services will be produced, distributed, and consumed?

Back

Traditional Economy

Front

-economy in which change in prices guide what and how goods and services will be produced, distributed, and consumed
Government is NOT involved 

Back

Market Economy

Front

-economy in which the government decides what and how goods and services will be produced, distributed, and consumed

Back

Command Economy

Front

-an economy that is on the continuum but not 100% command or 100% market.

Back

Mixed Economy

Front

-factories, machines, technologies, buildings or anything needed for a business to operate

Back

Physical Capital

Front

-workers in a business or country

Back

Human Capital

Front

When something is running low (limited) on supply

Back

Scarcity

Front

How many consumers want a particular item?

Back

Demand

Front

-area where there are not any tariffs or other trade barriers between countries

Back

Free Trade Zone