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economics vocabulary
flashcards
Question | Answer |
---|---|
scarcity | inadequate supply of resources (not enough) |
goods | things or items we use that are produced |
services | a job done for someone else |
economy | the carefulmanagement of producing, distributing, and consuming wealth and resources |
natural resources | these are found in the enviroment |
market | anywhere goods are sold or traded |
capital resources | goods used to make other goods or provide a service |
wages | amount paid to an individual for services provided |
consumer | one who uses goods and services |
labor resource | people who work |
economic system | system of organizing wealth and resources |
traditional economy | decisions are made based on how things have been done in the past |
command economy | the government makes economic decisions and owns most of the property |
market economy | resources are owned by private citizens and economic answers come from the citizens participating in the economy |
productive resources | natural resources, labor/human resources, and capital resources |
renewable resources | resource that can be replenished naturally |
non-renewable resource | resources that can be depleated from the enviroment |
other names for market economy | capitalism, free market system, laissez-faire |