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