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What is scacity? an inadeqate supplt of resources.
What is goods? things or iteams we use are produced.
What is services? a job done for someone.
What is economy? the careful management of producing, distributing, and consuming wealth and resources.
What is natural resources? found in the environment.
What is market? anywhere goods are sold or traded.
What is capital resources? Goods used to make other goods or provide services.
What are wages? amount paid to an individual for sevices provided.
What is a consumer? one who uses goods and services.
What is labor resource? people who work.
What is the economic resources? system of oganizing wealth and resources.
What is Traditional Economy? decisions are made based on how things have been done in the past.
What is Command Economy? the government makes the economic decisionsand owns most of the property.
What is Market Economy? resources are owned by private citizens and economic answers come from the citizens participating in the economy.
What are Productive Resources? Natural resouces, labor/human rsources, and capital resources.
What are Renewable Resources? Resources that can be replenished naturally.
What are Non-Renewable resources? Resources that can be depleted from the enviorment.
Other names for market economy? Capitalizm,free market system,laissez-faire.
Created by: cowzam