Laissez-Faire - Way of approaching economics in which government plays almost no role in economics, Market Economy - economic system where decisions are made by individuals or the open market, Welfare State - way of approaching economics in which the government provides extensive social services to its citizens, Capitalism - economic ideology in which a country's trade and industry are controlled by private owners for profit., Socialism - economic ideology in which the government and individuals can control different aspects of the economy , Communism - economic ideology in which the government owns all factors of production and there is no private ownership, Mixed Economy - economic system in which the economy is controlled by both individuals and the government, Command Economy - economic system in which the government makes all economic decisions, Opportunity Cost - the most desirable alternative given up as the result of a decision, Scarcity - an economic problem that arises from unlimited human wants conflicting with limited resources,

Economics

by
Print
Embed

Leaderboard

Visual style

Options

Switch template

Continue editing: ?