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EconomicsVocabulary

QuestionAnswer
What is the definition of scarcity? Inadequate supply of resouces (not enought)
What is the definiton of goods? Things or items we use that are produced
What is the definition of services? A job done for someone else
What is the definition of economy? The careful management of producing, distributing, and consuming wealth and resources
What is the definition of natural resources? These are found in the envirment
What is the definition of market? anywhere goods are sold or traded
What is the definition of capital resources? goods used to make other goods or provide a service
What is the defintion of wages? Amount paid to an individual for services provided
What is the defintion of consumer? One who uses goods and services
What is the defintion of labor resource? People who work
What is the defintion of economic system? system of organizing wealth and resources
What is the defintion of Traditional Economy? Decisions are made based on how things have been done in the past
What is the defintion of Command Economy? The government makes the economic decisions and owns most of the property
What is the defintion of Market Economics? Resources are owned by private citizens and economic answers come from the citizens participating in the economy
What is the defintion of Productive Resources? Natural resources, labor/human resources, and capital resources
What is the defintion of renewable resources? resources that can be replenished naturally
What is the defintion of non-renewable resources? resources that can be depleted from the environment
What are the Other Names for market economy? Capitalism, free market system, laissez-faire
Created by: helloethan
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