Economics Basics for Grade 13

Front

Economics

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Study of resource allocation

Front

Microeconomics

Back

Individual and business decisions

Front

Macroeconomics

Back

Economy-wide phenomena

Front

Scarcity

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Limited resources, unlimited wants

Front

production decisions are made according to customs and traditions

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Traditional Economy

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The word economics comes from the Greek word?

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Oikonomia

Front

Three basic economic problems

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1. What goods and services to produce

2. How to produce and how much

3. For whom to produce

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The authorative system wherein decision-making is centralized in the government or planning committe.

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command economy

Front

an economic system that mixes central planning with competitive markets. It is a mix of a rather free economy as well as avoiding the issues with capitalism and socialist economies.

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mixed market

Front

economic system wherein markets play relatively large role. also known as free market and the most democratic form of economic system.

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market economy