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Study Stack
Question | Answer |
---|---|
what is scarcity? | inadequate supply of resources (not enough) |
what is goods? | things or items we use that are produced |
what is services? | a job done for someone else |
what is economy? | the careful management of producing,distributing & consuming wealth and resources |
what is natural resources? | these are found in the enviorment |
what is market? | any where goods are sold or traded |
what is wages? | amount paid to an individual for services provided |
what is consumer? | one who uses goods and services |
what is labor resource? | people who work |
what is 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 that are owned by private citizens and economic answers come from the citizens participating in the economy |
what is productive resources? | natural resources, labor/human resources, and capital resources |
what is renewable resource? | resource that can be replenished naturally |
what is non- renewable resource? | resources that can be depleted from the environment |
what are some other names for market economy? | capitalism, free market system, and laissez- faire |