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Vocabulary

Economics Vocabulary, 2nd six weeks

QuestionAnswer
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 careful management of producing, distributary, and consuming wealth and resources.
Natural Resources These are found in the environment.
Market Anywhere goods are sold or traded.
Capital Resources Goods used to make other goods or provide a service.
Wages Amount paid to an individual for a service.
Consumer One who used goods and services.
Labor Resources People who work.
Economic Systems System of organizing wealth and resources.
Traditional Economy Decisions are made based on how things have been done in the past.
Command Economy The government makes the economic desicions and owns most of the property.
Market Economy Resources are owned by private citizens and economic answers come from the citizens participating in the economy.
Productive Resources Natrural resources,labor/human resources,and capital resources.
Renewable Resources Resource that can be replenished natrually.
Non-Renewable Resources Resources that can be depleted from the enviroment.
Other names for markets economy Capitalism,free market systems,laissez-faire
Popular American Government sets

 

 



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