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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