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Economics
Economics Flashcards
Question | Answer |
---|---|
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 |