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socialstudies1one

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
What is economy?   distributing,and consuming wealth and resources.  
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What is economic system?   system of organizing wealth and resources.  
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What is market economy?   system in which resources are owned by private citizens and economic answers come fromthe citizens participating in the economy.  
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What is command economy?   Sysem in which the goverment makes the economic decisions and owns most of the property.  
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What is traditional economy?   sysem in which decisions are made based on how things have been done in the past.  
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What is productive resources?   Term reffering to natural resources,labor/human resources,and capital resources.  
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What is rewnewable resouces?   resources that can be replenished naturally.  
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What is natural resources?   resources that are found in the enviroment.  
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What is labor resources?   people who work.  
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What is capital resource?   Goods used to make other goods or provide a service.  
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What is non-rewnewable resource?   resources that can not be depleted from the enviroment.  
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What is goods?   things or items we use that are produced.  
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What is service?   a job done for someone else.  
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What is market?   anywhere goods are sold or traded.  
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What is consumer?   anyone who uses goods and services.  
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What is wages?   an amount paid to an indivisual for services provided.  
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What is capitilism free market laissez-fair?   other names for market economy.  
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What is scarcity?   an inadequate supply of resources.  
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