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economics Vocabulary

What is Economy? The careful management of producing,distributing, and counsuming 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 awnsers come from the citizens participating in the economy
What is Command Economy? system in which the goverment makes the economic desisions and owns most of the property
What is traditonal economy system in which are made based on how things have been done in the past
What is productive resources term refering to natrual resorces, labor/human resorces, and capitol resouces.
What is natrual resources resources that are found in the enviroment
What is labor resources pepole who work
What is capital resources good s used to make other goods or provide a service
What is renewable resources resorces that can be replenished natrually
What is non-renewable resource resources that can be depleted from the envioment
What is goods things or items we use that are produced
What is services a job done for someone else
What is market anyware goods are sold or traded
What is consumer anyone who uses goods or services
What is wages an amount paid to an indivisual for services provited
What is capitolizum,free market, laisses-fair other names for a market economy
What is scarity an inadequet supply of resources (not enough)
Created by: w1000323