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Kelsey McGinn 1
Social Studies Study Cards
|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).