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What is scarcity? The inadequate supply of resoucres(not enough)
What are goods? Things or iems we use that are produced.
What is ecomnomy? The careful mangagement of producing,disrtibuting,and consuming wealth and resources.
What are natural resources? Resources that are found in the evivironment.
What is market? Anywhere gooods are sold or traded.
What are capital resources? Goods used to make other goods or provide a service.
What are wages? The amount paid to an individual for service provided.
What is a consumer? Somone who uses goods and services.
What is labor resource? People who work.
What is a economic system? A sytem 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 are provided resouces? Natural resouces,labor/human resources,and capital resources.
What are renewable resources? Resources that can be replenished naturally.
What are non-renewable resources? Resources thta can be depleted form the environment.
What are the other names for market economy? Capitalism,free marketing system,laissez-faire.
Created by: chouro