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Geography Vocabulary
2nd six weeks vocab
| Question | Answer |
|---|---|
| What is scarcity? | inadequete 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, and consuming wealth and resources |
| What is natural resources? | these are found in the environment |
| What is market? | anywhere goods are sold and traded |
| What is a capitol resource? | goods used to make other goods or provide a service |
| What is wages? | amount paid to an individual for services provided |
| What is a consumer? | anyone who uses goods and services |
| What is a labor resource? | people who work |
| What is an economic system? | system of organizing wealth and resources |
| What is a Traditional Economy? | decisions are made based on how things have done in the past |
| What is a Command Economy? | the government make 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 participating in the economy |
| What is renewable resources? | resources that can be replenished naturally |
| What is nonrenewable resources? | resources that can be depleted from the environment |
| What is other names for market economy? | capitolism, free market system, lassiez-faire |
Created by:
come_on_summer
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