click below
click below
Normal Size Small Size show me how
geography vocab01
review of economics terms
| Question | Answer |
|---|---|
| What is the definition of Scarcity? | The definition of Scarcity is the inadequete supply of resources. (not enough.) |
| things or items we use that are produced. | goods |
| what does services mean? | It means a job done for somebody else. |
| What is the careful management of producing, distrubuting, and consuming wealth and resources? | economy. |
| these are found in the environment. | Natural resources. |
| anywhere goods are sold or traded. | Market. |
| What does capital resources mean? | goods used to make other goods or provide service. |
| what does the amount paid to an individual for service provided mean? | wages. |
| what does consumer mean? | one who uses goods and services. |
| who are people who work? | labour resource |
| what does economic system mean? | system of organizing wealth and resouces. |
| desicions are made basd on how things have been done in the past. | traditional economy. |
| the government makes the economic decisions and owns most of the property. | command economy. |
| what is market economy? | resourses are owned by private citizens and economic answers come from the citizens participating in the economy. |
| what are productive resources? | naturl resources, labour/human resources, and capital resources. |
| what doe renewable resources mean? | resource that can be replenished naturally. |
| what does the resources that can be depleted from the environment mean? | non-renewable resources. |
| what does other names for market economy mean? | capitalism, free market system, laissez-faire. |