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mireya s.strower
social studys
Question | Answer |
---|---|
Economy | The careful management of producing,distributing, and comsuming wealth and resources. |
Economic system | System of organizing wealth and resources. |
Market economy | System in wich resources are owned by private citizens and economic answers come from the citizens participating in the economy. |
Command economy | System in wich the government makes the economic decisions and owns most of the property. |
Traditional economy | System in wich decisions are made based on how things have been done in the past. |
Productive resources | Term reffering to natural resources, labor/human resourses, and capital resources. |
Natural resources | Resources that are found in the enviorment. |
Labor resources | People who work. |
Capital resources | Goods used to make other goods or provide a service. |
Renewable resources | Resources that can be replenished naturally. |
Non-renewable resources | Resources that can be depleted from the enviorment. |
Goods | Things or items we use that are produced. |
Services | A job done for someone else. |
Market | Anywhere goods are sold or traded. |
Consumers | Anyone who uses goods and services. |
Wages | an amount paid to an individual for sevices provided. |
Capitalism, free market, laissez-fair | Other names for a market economy. |
Scarcity | an inadequate supply of recources(not enough). |