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economicflash

economic

QuestionAnswer
what is scarcity inadequate supply of resources or not enough
what are goods things or items we use that are produced
what are services a job done for someone else
what is economy careful management of producing, distributing, & consuming wealth & resources
what is natural resources these are found in the enviorment
what is market anywhere goods are sold or traded
what are capital resources goods used to make other goods or provide a service
what are wages amount paid to an iduvidual for services provided
what is a consumer one eho uses goods and services
what is a labor resouce people who work
what is a economic system system of organizing wealth and resources
what is Traditional Economy decisions are made based on how things have been done in the past
What is Command Economy the government makes the economic decisions and owns most of the property
What is Market Economy resources owned privately citezens & economic answers from citezens participating
What is Productive Resources natural resources,labor/human resources,and capital resources
What is a Renewable resource resource that can be replenished naturally
What is a Non-Renewable Resouce resources that can be depleted from the enviorment
What are other names for market economy????? Capitalism,free market system,laissez-faire
Created by: s0503560
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