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My Econimics Vocab

Economy The careful managment of producing,distubiting, and consuming wealth and resources.
Econimic System System of orginizing wealth and resources.
Market Economy System in which resourcesre owned by private citizens and economic answers come from the citizens participating in the economy.
Command Economy System in which the government makes the economic decisiond and owns most of the property.
Traditional Economy System in which decisions are made based on how things have been done in past.
Productive Resouces Term reffering to natural resources, labor/human resources, and capital resources.
Natural Resources Resources that are found in the eviroment.
Labor Resources People who do work.
Capital Resources Goods used to make other goods or provide a service.
Renewable Resources Resouces that can replinished natrually.
Non - Renewable Resources Resources that caan be depleted form the enviroment.
Goods Things or items we use that are produced.
Services A job done for someone else.
Market Anywhere goods are sold.
Consumer Anyone who uses goods and services.
Wages An amount paid to an individual for services provided.
Capitilism, Free Market, Laissez-Fair Other names for a market economy.
Scarcity An inaquate supply of resources (not enough).
Created by: r1105879