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economics vocabulary

QuestionAnswer
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
Created by: garrett conley
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