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social studys volcab

economics volcabulary

QuestionAnswer
inadequate supply of resources[not enough] scarity
things or ithems we use that are produced goods
a job done for someone else service
the careful management of producing, distributing,and consuming wealth and reasources economy
these are found i the enviroments natural reasources
anywhere goods are sold or traded market
goods used to make other goods or provide a service capital reasources
amount paid to an individual for services provided wages
one who use goods and services consumer
people who work labor resources
system of organization wealth and reasourses economic system
decisions are made based on how things have been done in the past traditional economy
the goverment makes the economic decisions and owns most of the property commanded economy
reasources are owned by private citiens and economic answers come from the citizens participating in the economy market economy
natural reasources,labor/human reasources,and capital resources productive reasources
reasources that can be repienished naturally renewable reasources
reasources that can be depleted from the goverment non-renewable reasources
capitalism,free market system,laissez-faire other names for market eonomy
Created by: Darice
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