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SS-economics vocab.
| Definition | Word |
|---|---|
| inadequate supply of resources (not enough) | scarcity |
| things or items we use that are produced | goods |
| a job done for someone else | services |
| the careful management 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 owns most of the property | command economy |
| resources are owned by private citizens and economic answers come from the citizens paticipating in the economy | productive resources |
| resource that can be replenished naturally | renewable resources |
| resources that can be depleted from the environment | non-renewable resources |
| capitalism, free market sysstem, laissez-faire | other names for market economy |
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