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Economics Flashcards

What is scarcity An inadequate supply of resources (not enough).
What are goods? Things or items we use that are produced.
What are services? A job done for someone else.
What does the word economy mean? The careful management of producing, distributing, and consuming wealth and resources.
What are natural resources? Resources that are found in the environment.
What is a market? Anywhere goods are sold or traded.
What are capital resources? Goods used to make other goods or provide a service.
What are wages? An amount paid to an individual for services provided.
What is a consumer? ANYONE who uses goods and services.
What are labor resources? People who work.
What is an economic system? A system of organizing wealth and resources.
What is a Traditional Economy? Decisions are made based on how things have been done in the past.
What is a Command Economy? The government makes the economic decisions and owns most of the property.
What is a Market Economy? Resources are owned by private citizens and economic answers come from the citizens in the economy.
What are productive resources? Term that refers to natural resources, labor/human resources, and capital resources.
What are renewable resources? Resources that can be replenished naturally.
What are non-renewable resources? Resources that can be depleted from the environment.
What are other names for market economy? Capitalism, free-market system. laissez-faire.
Name a "Greenhouse Gas" carbon dioxide
Name a "Greenhouse Gas" methane
What type of resource can be replenished quickly and easily? renewable
What type of resource cannot be replenished quickly or easily? non-renewable
Created by: plosasso1