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Star Wars nerd

Study Stack

what is scarcity? inadequate supply of resources (not enough)
what is goods? things or items we use that are produced
what is services? a job done for someone else
what is economy? the careful management of producing,distributing & consuming wealth and resources
what is natural resources? these are found in the enviorment
what is market? any where goods are sold or traded
what is wages? amount paid to an individual for services provided
what is consumer? one who uses goods and services
what is labor resource? people who work
what is 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 that are owned by private citizens and economic answers come from the citizens participating in the economy
what is productive resources? natural resources, labor/human resources, and capital resources
what is renewable resource? resource that can be replenished naturally
what is non- renewable resource? resources that can be depleted from the environment
what are some other names for market economy? capitalism, free market system, and laissez- faire
Created by: froggy Yoda