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Economics Vocab
| Term | Definition |
|---|---|
| economy | the careful management of producing, distributing, and consuming wealth and resources. |
| economic system | system of organizing wealth and resources |
| market economy | system in which resources are owned by private citizens and economic answers come from the citizens participating in the economy |
| command economy | system in which the government makes the economic decisions and owns most of the property |
| traditional economy | system in which decisions are made based on how things have been done in the past |
| productive resources | term referring to natural resources, labor/human resources, and capital resources |
| natural resources | resources that are found in the environment |
| labor resources | people who work |
| capital resources | goods used to make other goods or provide a service |
| renewable resource | resources that can be replenished naturally |
| non-renewable resources | resources that can be depleted from the environment |
| goods | things or items we use that are produced |
| services | a job done for someone else |
| market | anwhere goods are sold or traded |
| consumer | anyone who uses goods or services |
| wages | an amount paid to an individual for services provided |
| capitalism, free market, laissez-fair | other names for market economy |
| scarcity | an adequate supply of resources (not enough) |
Created by:
christinehewitt
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