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monkey123
study stack
| Question | Answer |
|---|---|
| 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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