Economic Systems
country's trade and industry are controlled by private owners for profit
What is Capitialism?
Solar
What is a Perpetual Resource?
Custom based where roles are clearly defined
What is a traditional economy?
When resources are limted
What is scarcity?
the act of willingly trading one item or service for another
What is trade?
Property is owned by the people for an equal benefit to all
What is Socialism?
Trees
What is a Renewable resource?
decisions of individual producers and consumers.
What is a market economy?
Individual workers become skilled at a specific task
What is Specialization
The direct exchange of goods or services without the use of money
What is barter?
End Goal of Socialism
What is Communism
Oil
What is a non renewable resource?
Decisions are only made by the person in charge
What is a command economy?
Assigning different tasks to different people
What is Division of Labor?
A accepted medium of trade used to buy or sell goods
what is money?
The type of Economy the United States is
What is a mixed economy
Wind
What is a perpetual resource?
Nomadic African Tribes
What is a traditional Economy
People rely on each other for goods and services
What is Economic Interdependence
producing a good or service using fewer resources than someone else
What is absolute advantage?
Event to start the Socialist revolution
What is the Worker's Revolt?
Fish
What is a renewable resource?
Pharaohs in Egypt
What is a command economy
Congress shall have Power . . . To regulate Commerce with foreign Nations, and among the several States.”
What is the Commerce Clause?
produce a good or service at a lower opportunity cost than someone else
What is comparative advantage?