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Social Studies llama

QuestionAnswer
What is the definition of Economy? The careful management of producing, distributing, and consuming wealth and resources.
What is the definition of Economic System? System of organizing wealth and resources.
What is the definition of Market Economy? System in which resources are owned by private citezens and economic answers come from the citezens participating in the economy
What is the definition of Command Economy? system in which the government makes the economic decisions and owns most of the property
What is the definition of Traditional Economy? system in which decisions are made based on how things have been done in the past
What is the definition of Productive Resources? term reffering to natural resources , labor/human resources, and capital resources
What is the definition of Natural Resources? resources that are found in the environment
What is the definition of Labor Resources? people who work
What is the definition of Capital Resources? goods used to make other goods or provide a service
What is the definition of Renewable Resources? resources that can be replenished naturally
What is the definition of Non-renewable Resources? resources that can be depleted from the environment
What is the definition of Goods? things or items we use that are produced
What is the definition of Services? a job done for someone else
What is the definition of Market? Anywhere goods are sold or traded
What is the definition of Consumer? anyone who uses goods or services
What is the definition of Wages? an amount paid to an indiviual for services provided
What is the definition of Capitalism, free market, laissez-fair? Other names for a market economy
What is the definition of Scarcity? An inadequate supply of resources (not enough)
Created by: vixllama
 

 



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