My Econimics Vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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Economy | The careful managment of producing,distubiting, and consuming wealth and resources.
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Econimic System | System of orginizing wealth and resources.
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Market Economy | System in which resourcesre owned by private citizens and economic answers come from the citizens participating in the economy.
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Command Economy | System in which the government makes the economic decisiond and owns most of the property.
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Traditional Economy | System in which decisions are made based on how things have been done in past.
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Productive Resouces | Term reffering to natural resources, labor/human resources, and capital resources.
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Natural Resources | Resources that are found in the eviroment.
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Labor Resources | People who do work.
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Capital Resources | Goods used to make other goods or provide a service.
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Renewable Resources | Resouces that can replinished natrually.
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Non - Renewable Resources | Resources that caan be depleted form the enviroment.
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Goods | Things or items we use that are produced.
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Services | A job done for someone else.
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Market | Anywhere goods are sold.
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Consumer | Anyone who uses goods and services.
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Wages | An amount paid to an individual for services provided.
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Capitilism, Free Market, Laissez-Fair | Other names for a market economy.
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Scarcity | An inaquate supply of resources (not enough).
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