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economics study

What is a Economy? The careful management of producing, distributing, and consuming wealth and resources.
What is a Economic system? System of Organizing wealth and resources.
What is a Market Economy? System in which resources are owned by private citizens and economic answers come from the citizens participating in the economy.
What is a Command Economy? System in which the goverment makes the economic decisions and owns most of the property.
What is Traditional Economy? System in which decisions are based on how things have been done in the past.
What is productive Resources? Term referring to natural reasources, labor/human, and capitol resources.
What is a Natural Resource? Resources that are found in the enviorment.
What is a Labor Resource? People who work.
What is a Capitol Resource? Goods used to make other goods or provide a service.
What is a Renewable Resource? Resources thet can be replenished naturally.
What is a Non-Renewable Resource? Resources that can be deleted from the enviorment.
What are Goods? Things or Items we use that are produced.
What are Services? A job done for someone else.
What is a Market? Anywhere goods are sold or traded.
What is a Consumer? Anyone who uses goods and services.
What are Wages? An amount paid to an individual for services provided.
What do these words have in common Capitilism, Free Market, Laissez-Fair? They are all other names for Market Economy.
What is Scarcity? An inadequate supply of resources.(Not Enough)
Created by: w0602151