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mireya s.strower

social studys

QuestionAnswer
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).
Created by: r1005551
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