Test 1

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Author:
your14life
ID:
87489
Filename:
Test 1
Updated:
2011-05-24 12:26:42
Tags:
ISS1120
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Description:
Chp 5 6 7
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  1. Define Economics:
    a social science discipline that deals deciesions that human beings make the regard to how they allocate and manage resources that are scarce
  2. Scarcity:
    goods and services that have attanited a certain value based for them in relation to their supply
  3. 3 types of economic resources:
    Natural, Human, Capital
  4. Tranditional Economics:
    societies that did not use money as a medium of exchange depended on the barter system
  5. Barter system:
    the trading of goods and services
  6. Markrt Economics:
    use money to exchange goods and services & there is little to no government intervention
  7. Mixed Economics:
    governments make decisions that directly impact the economy
  8. Who makes the decisions in a mixed economy?
    made by private groups and individuals
  9. Market and command systems are rarely what?
    pure in practice
  10. What laws does the government provide?
    social security adn mandates minimun wages laws
  11. Ownership of what means wealth and social status?
    of land
  12. Ownership of largest estates dominated economic means?
    political and social structures

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