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kevinbayeh
| Question | Answer |
|---|---|
| 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 |
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kevinbayeh
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