Economic Foundations (2)

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  • Created by: tia.s
  • Created on: 08-11-17 18:53
Command Economy
An economic system where the government commands the use of the factors of production.
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Mixed Economy
An economic system where some wants are satisfied through the forces of demand and supply and others through the state allocating certain resources to the public provision of goods and services.
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Market Economy
An economic system where wants are expressed by consumers and in the form of demand, are satisfied by producers in the form of supply.
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Scarcity
A situation where there is only a limited number of resources available.
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Infinite Wants
A person's unlimited desire to own or consume resources.
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Division of Labour
Arises when production is broken down into a series of simple tasks performed by the workforce.
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Free Resource
A resource that is not limited in supply for people.
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Economics
The science of human behaviour in relation to the allocation of scarce resources between alternative uses.
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Other cards in this set

Card 2

Front

An economic system where some wants are satisfied through the forces of demand and supply and others through the state allocating certain resources to the public provision of goods and services.

Back

Mixed Economy

Card 3

Front

An economic system where wants are expressed by consumers and in the form of demand, are satisfied by producers in the form of supply.

Back

Preview of the back of card 3

Card 4

Front

A situation where there is only a limited number of resources available.

Back

Preview of the back of card 4

Card 5

Front

A person's unlimited desire to own or consume resources.

Back

Preview of the back of card 5
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