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productive resources natural resources,labor/human resources,and capital resources
traditional economy decisions are made based on how things have been done in the past
other names for market economy capitalism,free market system,laissez-fair
market anywhere goods are sold or traded
capital resources goods used to make other goods or provide a service
labor resource people who work
goods things or items we use that are produced
services a job done for someone else
wages amount paid to an individual for services provided
economic system system of organizing wealth and resources
scarcity inadequate supply of resources
natural resources these are found in the environment
renewable resource resource that can be replenished naturally
command economy the government makes the economic decisions and owns most of the property
consumer one who uses goods and services
non-renewable resources resources that can be depleted from the environment
economy the careful management of producing,distributing,and consuming wealth and resources
market economy resources are owned by private citizens and economic answers come from the citizens participating in the economy
Created by: kevinbayeh