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jellyglob S.S
social studies
| Question | Answer |
|---|---|
| scarcity | inadequate supply of resources {not enough} |
| goods | things or items we use that are produced |
| services | a job done for someonee else |
| economy | the careful management of producing, distributing, and consuming wealth and resources |
| natural resources | these are found in the enviroment |
| 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 services provided |
| consumer | one who uses goods or services |
| labor resources | people who work |
| economic system | system of organizing wealth and resources |
| Traditional economy | decisions are made based on how things were done in the past |
| Command economy | the government makes the economic decisions and owns most of the property |
| market economy | resources are owned by private citizens and economic answers come from the citisens partipating in the economy |
| productive resources | natural resources , labor/human resources , and capital resources |
| renewable resources | resources that can be replenished naturally |
| non-renewable resources | resources that can be depleted from the enviroment |
| other names for market economy | capitalism , free market system , laissez-faire |
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jellyglob
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