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cowzar
studys
Question | Answer |
---|---|
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. |