Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Economics
Social Studies vocabulary 2nd six weeks
| Question | Answer |
|---|---|
| What is scarcity? | inadequete supply of resources (not enough) |
| What is goods? | Things or items we use that are produced |
| What are services? | a job done for someone else |
| What is economy? | the careful management of producing, distributing and consuming wealth |
| What are natural resources? | things that are found in the environment |
| What is market? | anywhere goods are sold or traded |
| What is capital resources? | goods used to make other goods or 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 resource? | system of organizing wealth and resources |
| What is a Traditional Economy? | decisions are made based on how things have been done in the past |
| What is a Command Economy? | the government makes the economic decisions and owns most of the property |
| What is a Market Economy? | resources are owned by private citizens and economic answers come from the citizens participating in the economy |
| What is Productive Resource? | natural resources, labor/human resources and capitol resources |
| What is a renewable resource? | resource that can be replenished naturally |
| What is an nonrenewable resource? | resources that can be depleted from the environment |
| What are other names for market economy? | Capitalism, free market system, laissez-faire |
Created by:
sunny1234
Popular American Government sets