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economics vocabulary

QuestionAnswer
scarcity inadiquate supply of resources (not enough)
goods things or items we use that are produced
economy the careful manegment of producing distributing and consuming wealth and resources
natural resources these are found in the enviorment
market anywhere goods are sold or traded
capital resources goods are used to make other goods or provide a service
wages amount paid to an individual for service provided
consumer one who uses goods and services
labor resources people who work
economic system system or orginizing wealth and resources
traditional economy traditions are made based on low things have been done in the past
command economy the goverment makes the economic desicions and owns most of the property
market economy resources are owned by private citizens and economic answers come from the citizens participating in the economy
productive resources natural resources, labor/human resources, capital resources
renewable resources resource that can be replenished naturally
non-renewable resources resources that can be depleted from the enviorment
other names for market economy capitilisam, free market system, laissez-faire
Created by: A0707721
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