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J $$ Vocab
| Question | Answer |
|---|---|
| what is ECONOMY? | the careful management of producing, 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 from the citizens participating in the economy |
| what is COMMAND ECONOMY | system in which the the government makes the economic decisions and owns most of the property |
| what is TRADITIONAL ECONOMY | system which are made based on how things have been done in the past |
| PRODUCTIVE RESOURCES | term referring to natural resources, labor/ human resources, and capital resources |
| NATURAL RESOURCES | resources that are found in the environment |
| LABOR RESOURCES | People who work; employees, for example |
| 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 environment |
| GOODS | THINGS or ITEMS we use that are produced |
| SERVICES | JOB done for SOMEONE ELSE |
| MARKET | Anywhere GOODS ARE SOLD or TRADED |
| CONSUMER | ANYONE who USES GOODS AND SERVICES |
| WAGES | An amount paid to an individual for services provided |
| CAPITITALISM, FREE MARKET, LAISSEZ-FAIR | Other names for MARKET ECONOMY |
| SCARCITY | An INADEQUATE SUPPLY OF RESOURCES (NOT enough!!) |
Created by:
texanbaby
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