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what is scarcity? a limited supply of resources[not enough]
what are goods things or items we use that r produced
what r services? a job done for someone else
what is an economy a careful management of producing,distributing, and consuming wealth & resources
what is a natural resource resources that r found in our enviorment
what is a market anywhere goods r sold or traded
what is a capital resource goods used to make other goods or provide a service.
what r wages amount paid to an individual for service provided
what is a consumer one who uses goods or services
what is labor resource? people who work
what is the economic system? a system of orginizing wealth & resources.
what is traditional economy? decisions that r made based on how things were done in the past
what is command economy? the goverment makes theeconomic decisions & owns most of the property
what is market economy? resources r owned by private citizens & economic answers come from the citizens participating in the economy
what r productive resources? natural resources, labor/human resources, and capital resources
what r renewable resources? a resource that can b replenished easily
what is a non-renewable resource? a resourcethat can b deplenished from the enviorment
what r other names for market economy? capitilism, free market system, laisssez-faire
Created by: boss