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economics vocabulary
| Question | Answer |
|---|---|
| goods | thinga or itemsthat are produced |
| scarcity | inadiquit supply of rescources |
| services | a job done for someone else |
| economy | the careful manegment of producing distrubiting and consuming of rescources |
| natural rescoures | these are found in the enviroment |
| market | anywhere that goods are sold |
| capital rescources | goods made to make other goods or provide a sevice |
| wages | a amount paid to a individuel for sevices provided |
| labor recources | people who work |
| economics system | system for organizing for wealth and rescources |
| traditional economy | decisions made on things that happened in the past |
| command economy | the goverment ownes most of the property and makes most decisions |
| market economy | rescourcesare owned by privite sitizens and economics |
| productive rescources | natural rescources/labor/human resouceses and capital resources |
| renewable resoursces | recoures that can be depleted from the enviroment |
| other names for market economy | capitalizim, free market system, laissez-faire |
| consumer | one who uses goods/serevices |
| non renewable | resources that can be depleted from the environment |