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Economics Vocab?
review of economics vocab
| Question | Answer |
|---|---|
| Inadequate supply of resources(not enough) | scarcity |
| Things or items we use that are produced | goods |
| A job done for someone else | services |
| The careful management of producing,distributing,and consuming wealth and resources | economy |
| These are found in the environment | natural resources |
| Anywhere goods are sold or traded | market |
| Goods used to make other goods or provide a service | capital resources |
| Amount paid to an individual for services provided | wages |
| One who uses goods and services | consumer |
| People who work | labor resource |
| System of organizing wealth and resources | economic system |
| Decisions are made based on how things have been done in the past | traditional economy |
| The government makes economic decsions and owns most of the property | command economy |
| Resources are owned by private citizens and economic answers come fromthe citizens participating in the economy | market economy |
| Natural resources,labor/human resourcces,and capital resources | productive resources |
| Resource that can be replenished naturally | renewable resource |
| Resources that can depleted from the environment | non-renewable resources |
| Capitalism,free market system,laissez-faire | other names for market economy |
Created by:
sumikomaggio123
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