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kevinbayeh

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
        Help!  

Question
Answer
productive resources   natural resources,labor/human resources,and capital resources  
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traditional economy   decisions are made based on how things have been done in the past  
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other names for market economy   capitalism,free market system,laissez-fair  
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market   anywhere goods are sold or traded  
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capital resources   goods used to make other goods or provide a service  
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labor resource   people who work  
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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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wages   amount paid to an individual for services provided  
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economic system   system of organizing wealth and resources  
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scarcity   inadequate supply of resources  
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natural resources   these are found in the environment  
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renewable resource   resource that can be replenished naturally  
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command economy   the government makes the economic decisions and owns most of the property  
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consumer   one who uses goods and services  
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non-renewable resources   resources that can be depleted from the environment  
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economy   the careful management of producing,distributing,and consuming wealth and resources  
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market economy   resources are owned by private citizens and economic answers come from the citizens participating in the economy  
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Created by: kevinbayeh
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