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Kelsey McGinn 1
Social Studies Study Cards
| Question | Answer |
|---|---|
| What is Economy? | The careful managment or producing, distributing, and consuming wealth resources. |
| What is an Ecnomice System? | Sytem of organizing wealth and resources. |
| What is a Market Economy? | System in which resources are owned by private citizens and economic answers come form the citizens participating in the ecomny. |
| What is a Command Econmy? | Sytem in which the government makes the economic decisions and owns most of the property. |
| What is a Traditional Economy? | System in which decisions are made based on how things have been done in the past. |
| What are Productive Resources? | Term referring to natural resouces, labor/human resources, and capital resources. |
| What are Natural Resources? | Resouces that are found in the environment. |
| What are Labor Resources? | People who work. |
| What are Capital Resources? | Goods used to make other goods or provide service. |
| What are Renewable Resources? | Resources that can be replenished naturally. |
| What are Non-renewable Resources? | Resources that can be depleted from the enviroment. |
| What are Goods? | Things or items we use that are produced. |
| What are Services? | A job done for someonelse. |
| What is a Market? | Anywhere goods are sold or traded. |
| What is a Consumer? | Anyone whos use goods and services. |
| What are Wages? | An amount paid to an individual for services provided. |
| What are Capitalism, Free Market, Laissez-fair? | Other names for a market econmy. |
| What is Scarcity? | An inadequate supply of resources (not enough). |
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kkthedirectioner07
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