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CARTER!!!!
SOCIAL STUDIEDS!
| Question | Answer |
|---|---|
| scarcity | inadequate supply of resources (not enough) |
| goods | things or items we use that are produced |
| services | a job done for someone else |
| economy | the carful management of producing, distriduting, and consuming wealth and resources |
| natural resources | these are found in the enviroment |
| market | anywhere goods are sold or traded |
| capital resources | goods used to make other goods or provide a service |
| wages | amount paid to an individal for services provided |
| consumer | one who uses good and services |
| labor resource | people who work |
| ecnomic system | system of organizing wealth and resources |
| traditinal economy | decisions are made based on how things have been done in the past |
| command econmy | the goverment makes the economic decisions and owns most of the property |
| market economy | resources are owned by privite citizens and economic answers come from the citizes participating in the economy |
| productive resources | natural resources, labor/human resources, and capital resources |
| reewable resource | reource that can be replenished naturally |
| non-renewable resources | resources that can be depleted from the environment |
| other names in the market economy | Capitalism,free market system,laissez-faire |
Created by:
Sgt noodle
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