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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).