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What is economy? distributing,and consuming wealth and resources.
What is economic system? system of organizing wealth and resources.
What is market economy? system in which resources are owned by private citizens and economic answers come fromthe citizens participating in the economy.
What is command economy? Sysem in which the goverment makes the economic decisions and owns most of the property.
What is traditional economy? sysem in which decisions are made based on how things have been done in the past.
What is productive resources? Term reffering to natural resources,labor/human resources,and capital resources.
What is rewnewable resouces? resources that can be replenished naturally.
What is natural resources? resources that are found in the enviroment.
What is labor resources? people who work.
What is capital resource? Goods used to make other goods or provide a service.
What is non-rewnewable resource? resources that can not be depleted from the enviroment.
What is goods? things or items we use that are produced.
What is service? a job done for someone else.
What is market? anywhere goods are sold or traded.
What is consumer? anyone who uses goods and services.
What is wages? an amount paid to an indivisual for services provided.
What is capitilism free market laissez-fair? other names for market economy.
What is scarcity? an inadequate supply of resources.
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