EconomicsVocabulary
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| What is the definition of scarcity? | Inadequate supply of resouces (not enought)
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| What is the definiton of goods? | Things or items we use that are produced
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| What is the definition of services? | A job done for someone else
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| What is the definition of economy? | The careful management of producing, distributing, and consuming wealth and resources
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| What is the definition of natural resources? | These are found in the envirment
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| What is the definition of market? | anywhere goods are sold or traded
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| What is the definition of capital resources? | goods used to make other goods or provide a service
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| What is the defintion of wages? | Amount paid to an individual for services provided
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| What is the defintion of consumer? | One who uses goods and services
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| What is the defintion of labor resource? | People who work
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| What is the defintion of economic system? | system of organizing wealth and resources
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| What is the defintion of Traditional Economy? | Decisions are made based on how things have been done in the past
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| What is the defintion of Command Economy? | The government makes the economic decisions and owns most of the property
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| What is the defintion of Market Economics? | Resources are owned by private citizens and economic answers come from the citizens participating in the economy
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| What is the defintion of Productive Resources? | Natural resources, labor/human resources, and capital resources
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| What is the defintion of renewable resources? | resources that can be replenished naturally
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| What is the defintion of non-renewable resources? | resources that can be depleted from the environment
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| What are the Other Names for market economy? | Capitalism, free market system, laissez-faire
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