Card Set Information
Chp 5 6 7
a social science discipline that deals deciesions that human beings make the regard to how they allocate and manage resources that are scarce
goods and services that have attanited a certain value based for them in relation to their supply
3 types of economic resources:
Natural, Human, Capital
societies that did not use money as a medium of exchange depended on the barter system
the trading of goods and services
use money to exchange goods and services & there is little to no government intervention
governments make decisions that directly impact the economy
Who makes the decisions in a mixed economy?
made by private groups and individuals
Market and command systems are rarely what?
pure in practice
What laws does the government provide?
social security adn mandates minimun wages laws
Ownership of what means wealth and social status?
Ownership of largest estates dominated economic means?
political and social structures