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socialstudies1one
| Question | Answer |
|---|---|
| What is economy? | distributing,and consuming wealth and resources. |
| What is economic system? | system of organizing wealth and resources. |
| What is market economy? | system in which resources are owned by private citizens and economic answers come fromthe citizens participating in the economy. |
| What is command economy? | Sysem in which the goverment makes the economic decisions and owns most of the property. |
| What is traditional economy? | sysem in which decisions are made based on how things have been done in the past. |
| What is productive resources? | Term reffering to natural resources,labor/human resources,and capital resources. |
| What is rewnewable resouces? | resources that can be replenished naturally. |
| What is natural resources? | resources that are found in the enviroment. |
| What is labor resources? | people who work. |
| What is capital resource? | Goods used to make other goods or provide a service. |
| What is non-rewnewable resource? | resources that can not be depleted from the enviroment. |
| What is goods? | things or items we use that are produced. |
| What is service? | a job done for someone else. |
| What is market? | anywhere goods are sold or traded. |
| What is consumer? | anyone who uses goods and services. |
| What is wages? | an amount paid to an indivisual for services provided. |
| What is capitilism free market laissez-fair? | other names for market economy. |
| What is scarcity? | an inadequate supply of resources. |
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t1106989
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