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Test Economics

This unit is hard!

inadequate supply of resources (not enough) scarcity
things or items we use that are produced goods
a job done for someone else services
the careful management of producing, distributng, and consuming wealth and resources economy
these are found in the enviorment natural resources
anywhere goods are sold or traded market
goods used to make other goods or provide a service capital resources
amount paid to an individul for services provided wages
one who uses goods and services consumer
people who work labor resource
system of organizing wealth and resources economic system
decisions are made based on how things have been done in the past traditional economy
the government makes the economic decisions and owns most of the property command economy
natural resources, labor/human resources, and capital resources productive resources
resources that can be reproduced naturally renewable resources
resources that cannot be easily replaced non-renewable resources
Capitalism, free market system, laissez-faire Other names for market economy
machines and tools used in producing capital
A person who studies economics economist
The way that societies turn resources into goods and services producing
The difference between the revenue that a business generates from its goods and/or services. profit
A manufacturing process that uses standarized parts for the mass production of goods assembly line
A service preformed for a customer at the consumer level consumer servie
The four factors that may be cdombined in many ways to make a profit-natural resources, labor, capital, and other products factors of production
The type of economy in which the market determines what goods and services are produced (such as the United States economy) free market economy
A service performed at the producer level industrial service
Making the difference between revenues and costs as large as possible maximizing profits
Products that were manufactured somewhere else that are used to make this other products
Created by: kirbylovergirl