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pickering economics

its the economics vocab def. and word

QuestionAnswer
scarity is... inadequate supply of resources (not enough)
goods are... things are items we use that are produced
services are... a jod done for someone else
economy is... the careful management of producing, distributing, and consuming wealth and resources
natural resources are... these are found in the environment
market is... anywhere goods are sold or traded
capital resources are... goods used to make other goods are provide a service
wages are... amount paid to an individual for services provided
consumer is... one who uses goods and services
labor resource is... people who work
economic system is... system of oranizing wealth and resources
traditional economy are... decisions are made based on how things have been done in the past
command economy are... the goverment makes the economic decisions and owns most of the property
market economy is... resources owned by private citizens and economic answers come from the citizens participating in the economy
productive resources are... natural resources, labor/human resources, and capital resources
renewable resources are... resource that can be replenished naturally
non-renewable resources are... resources that can be depleted from the enviroment
other names for market economy are... capitalism, free market system, laissez-faire
Created by: mikellasayshi
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