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Economics Vocabulary
| Question | Answer |
|---|---|
| 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
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