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John's study stack

Economics vocabulary review

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