Question | Answer |
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 |