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economis vocabulary
review of vocabulary
| Question | Answer |
|---|---|
| inadequate supply of resources (not enough) | scarcity |
| goods | things or items we use that are produced |
| a job done for someone else | services |
| the careful management of producing,distributing,and consuming wealth and resources | economy |
| natural resources | these are found in the enviroment |
| market | anywhere goods are sold or traded |
| goods used to make other goods or provide a service | capital resources |
| amount paid to an individual for services provided | wages |
| consumer | one who usesgoods and services |
| labor resources | people who work |
| economic system | system or organizing wealth and resources |
| decisions are made based on how things have been done in the past | traditional economy |
| command economy | the government makes the economic decisions and owns most of the property |
| market economy | resources are owned by private citezens and economic answers come from the citezens participating in the economy |
| natural resources,labor/human resources,and capitalresources | productive resources |
| a resource that can be replenished naturally | renewable resources |
| non-renewable resources | resources that can can be depleted from the enviroment |
| other names from market economy | capitalism,free market system,lasissez-farie |
Created by:
funny-bunny
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