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Economics vocab
| Question | Answer |
|---|---|
| inadequate supply of resources(not enough) | scarcity |
| things or items we use that are produced | goods |
| a job done for someone else | services |
| the carefulmanagement of producing,distributing,and consuming wealth and resources | economy |
| these are found in the environment | natural resources |
| anywhere goods are sold or traded | market |
| goods used to make other goods or provide a service | capital resources |
| amount paid to an individual for services provided | wages |
| one who uses goods and services | consumer |
| people who work | labor resource |
| system of organizing wealth and resources | economic system |
| decisions are made based on how things have been done in the past | Traditional Economy |
| the government makes the economic decisions and most of the property | Command Economy |
| resources are owned by priate citizens and economic answers come from the citizens paticipating in the economy | Market Economy |
| natural resources,labor/human resouces,and capital resources | Prodctive Resources |
| resources that can be replenished naturally | renewable resources |
| resources thst can be depletedfrom the environment | non-renewable resources |
| Capitalism,free market system, laissez-faire | other names for market economy |
Created by:
iamdragongirl
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