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what is scarcity? Inadequate supply of resources( not enough )
what are goods? Things or items that we use 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 rescources
what is natural resources? these are found in the environment
what is market? anywhere goods are sold or traded
what are capital resources? goods used to make other goods or provide a service
what are wages? amount paid to an individual for sevices provided
what is consumer? one who uses goods and services
what is labor resource? people who work
what is economic resource? system of organizing wealth and resources
what is traditional economy? decisions ore 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 are owned by private citizens and economic answers come from the citzens 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 enviroment
other names for market economy capitalism, free market system, and laissez - faire
Created by: y0502676
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