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Zahid Haq Study Stak

StakZ 101 BOB

QuestionAnswer
What is scarcity inadequatesupply of resources
What is goods things or items we usethat are used
What is services a job done for someone else
What is economy the careful management of producin ,distributing,and consuming wealth and resources
What is natural resources These are found in the envoirment
What is market anywhere goods are sold and traded
What is capital resources goods used to make other goodsor provide a service
What are wages amount paid to an individual for services provided
What is a consumer one who uses goods and services
What is a labor resource people who work
What is an economic system system of organizing wealth and resources
What is a traditional economy decisions are made based on how things have done in the past
What is an command economy the goverment makes the economic decisions and owns most of the property
What is a Market Economy resources are owned by private citizens and economic and ecomic answers come from the citizens participating in the economy
What is a productive resources natural resources,labor/human resources and capital resources
What is a renewable resource a resource that can be replenished naturally
What is a non-renewable resource a resource that can be depleed from the envoirment
Other names for market ecnomy capitalism,free market system,lasses-faire
Created by: zahid
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