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Ryan's Studyie Stack

A study stack...............hehe

What is scarcity? Inadequate supply of resources(not enough)
What is goods? Things or items we used that are produced.
What is services? A job done for someone else.
What is economy? The careful management of producing, distributing,and consuming wealth and resources.
What is natural resources? These are found in the enviorment.
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 consumer? One who uses goods and services.
What are labor resources? People who work.
What is economic system? System of orginizing 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 diecisions and owns most of the property.
What is Market Economy? Resources are owned by private citizens aand 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 Resources that can be replenished naturally
What is Non-Renewable Resource Resources that can be depleted from the enviorment.
Other names for market economy Capitalism,free market system,laissez-faire.
Created by: fluffybunnies46