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Economic system in which supply, demand, and the price system help people allocate resources.
What is market economy?
Market in which goods and services are sold illegally.
What is the black market?
What is a traditional economy?
Economic system that has some combination of traditional, free market, and command economies.
What is a mixed economy?
Economics system in which private systems own and use the factors of production to generate profits.
What is capitalism?
Number of people per square mile.
What is population density?
An arrangement where buyers and sellers interact to determine the prices and quantities of goods and services.
What is a Market?
A central authority makes the major decisions about WHAT, HOW, and FOR WHOM to produce.
What is command economy?
Economic and political system in which the factors of production are collectively owned and directed by the government. In theory it is supposed to be a classless society.
What is communism?
Statistics that describe populations and their characteristics.
What are demographics?
Shift of an economy or part of an economy, from private ownshersip to government ownership.
What is Nationalization?
Refers to a financial institution that accepts deposits and offers different banking and financial products.
What is a commercial bank?
An economic and political system in which the government owns some of the factors of production and answer some of the three economic questions.
What is socialism?
Production process requiring large amounts of capital goods in relation to labor.
What is capital-intensive?
Conversion of state-owned factories and other property to private ownership.
What is privatization?
Represents a share in the ownership of a company.
What is stock?
A fund that accumulates capital to be paid out as pension for employees on their retirement.
What is pension fund?
Stem from inefficient managerial or labor policies or over-hiring.
What is diseconomies of scale?
The cost advantage experienced by a firm when it increases its level of output.
What are economies of scale?
Refers to a part of the economy into which various industries consisting of a great number of companies can be fit, and is larger compared to an industry.
What is a sector?
The raw materials needed by large manufacturing companies in running their businesses.
What are commodities?
The independent regulatory authority with responsibility for the Electronic Communications Sector (ECS), the Electricity Sector (ES), and the Natural Gas Sector (NGS) in The Bahamas.
What is Utilities Regulation and Competition Authority (URCA)?
Gross domestic product on a per person basis.
What is GDP per Capita?
Where a country can produce a specific good or service at a lower opportunity cost than another country.
What is comparative advantage?
The separation of a work process into multiple tasks, with each task carried out by a different person or group of people