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economics vocab (:

economics vocab

QuestionAnswer
what is scarcity inadequate supply of receources
what are goods things or items we use that are produced
what are services a job for someone else
what is economy the care ful management of producing distrubuting and consuming wealth and resceources
definition of natural receources these are found in the enviorment
anywhere where goods are sold market
goods used to make other goods or provide a service capitol receources
amount paid to an induvidual for services provided wages
anyone who uses goods consumer
people who work labor rescource
economic system system of organizing wealth and recources
definition of TRADITIONAL ECONOMY decisions are made based on how things have been done in the past
COMMAND ECONOMY the government makes the economic decisions and owns most property
market economy recources are owned by private citizens and economic answeres come from the citisens participating inthe economy
productive recources natural recources labor human recources and capitol recources
renewable recources recources that can be replenished naturally
nonrenewable recources recources that can be depleted by the enviorment
other names for market economy capitialism,free market system,laissez faire
Created by: redblaze47
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