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Economics Vocabulary

QuestionAnswer
What is a economy? The careful mangement of produceing, distributing, ang consuming waelth and reasources.
What is a Ecnomic System? System of organizing wealth and resources.
What is a market economy? System in witch resources are owned bhy private citizens and economic answers come fromthe citizens paticipating in the economy.
What is a command economy? System in witch the goverment makes the economic and owens most of the property.
What is a traditional economy? System in witch the decisions are made based on howthings have been done in the past.
What are Productive Resources? Term referring to natural resources, labor/human, and capital.
What is a natural resource? Resources that are found in the enviroment.
What are labor resources? People who work.
What are Capital resources? Goods used to make other goods or provide a service.
What are renewable resources? Resources that can be replenished naturally
What are non- renewable resources? Resources that can be depleated from the enviroment.
What are goods? Things or items we use that are produced.
What are services? A job done for someone else.
What are markets? Anywhere goods are sold or traded.
What are consumers. Anyone who uses goods and services.
What are wages? An amount paid to an individual for services provided.
What are capitalism, freemarket, laissez-fair? Other names for a market economy.
What is scarcity? An inadequate supply of reasources(not enough)
Created by: ruofanzhang