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S.S. study stack 1

Social Studies

What is scarcity inadequate supply of resources
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, and consuming wealth and resources
What is natural resources? these are found in the environment.
What is market? anywhere goods are sold or traded.
What is capitol resources? goods used to make other goods or provide a service.
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 econimc 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 are owned by private citizens and economic answers come from the citizens paricipating in the economy
What is Productive Resources? natural resouces, labor/human resources, and capital resources
What is renewable resources? resource that can be replenished naturally
What is non-renewable resources? resources that can be depleted from the environment
Other names for market economy Capatalism, free market system, laissez-faire
Created by: halliegibb