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economics vocab
Question | Answer |
---|---|
iadequate supply of recources | scarcity |
thingsor items we use that are produced | goods |
a job done for someone else | scervice |
the careful managment of producing distrobuting and consuming wealthand recources | economy |
are found in the enviorment | natural recources |
any where goods are sold or traded | market |
goods used to make other goods | capital recources |
amount paid to an individual for scervices | wages |
one who uses goods and scervices | consumer |
people who work | labor recources |
system of organizing wealth and recources | economic system |
decisions that are based on how things have been done in the past | traditional economy |
the goverment makes the eonomic decisions and owns most of the property | command economy |
recources are owned by private citizens and economic answers come from the citizens participating in the economy | market economy |
natural recources ,labor/humanrecources,and copital recources | productive recources |
recources tyhat can be replenished naturally | renewable |
recources that cannot be replenished naturally | non-renewable |