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| Question | Answer |
|---|---|
| what is scarcity? | a limited supply of resources[not enough] |
| what are goods | things or items we use that r produced |
| what r services? | a job done for someone else |
| what is an economy | a careful management of producing,distributing, and consuming wealth & resources |
| what is a natural resource | resources that r found in our enviorment |
| what is a market | anywhere goods r sold or traded |
| what is a capital resource | goods used to make other goods or provide a service. |
| what r wages | amount paid to an individual for service provided |
| what is a consumer | one who uses goods or services |
| what is labor resource? | people who work |
| what is the economic system? | a system of orginizing wealth & resources. |
| what is traditional economy? | decisions that r made based on how things were done in the past |
| what is command economy? | the goverment makes theeconomic decisions & owns most of the property |
| what is market economy? | resources r owned by private citizens & economic answers come from the citizens participating in the economy |
| what r productive resources? | natural resources, labor/human resources, and capital resources |
| what r renewable resources? | a resource that can b replenished easily |
| what is a non-renewable resource? | a resourcethat can b deplenished from the enviorment |
| what r other names for market economy? | capitilism, free market system, laisssez-faire |
Created by:
boss
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