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economicflash
economic
| Question | Answer |
|---|---|
| what is scarcity | inadequate supply of resources or not enough |
| what are goods | things or items we use that are produced |
| what are services | a job done for someone else |
| what is economy | careful management of producing, distributing, & consuming wealth & resources |
| what is natural resources | these are found in the enviorment |
| what is market | anywhere goods are sold or traded |
| what are capital resources | goods used to make other goods or provide a service |
| what are wages | amount paid to an iduvidual for services provided |
| what is a consumer | one eho uses goods and services |
| what is a labor resouce | people who work |
| what is a economic system | system of organizing wealth and resources |
| what is Traditional Economy | decisions are made based on how things have been done in the past |
| What is Command Economy | the government makes the economic decisions and owns most of the property |
| What is Market Economy | resources owned privately citezens & economic answers from citezens participating |
| What is Productive Resources | natural resources,labor/human resources,and capital resources |
| What is a Renewable resource | resource that can be replenished naturally |
| What is a Non-Renewable Resouce | resources that can be depleted from the enviorment |
| What are other names for market economy????? | Capitalism,free market system,laissez-faire |
Created by:
s0503560
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