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Law's ECO vocab

Jalon's eco vocab

QuestionAnswer
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,disturbing, 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 used 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 goverment makes the economic decisions and owns most of the property Command Economy
Resources ar owned by private citizens and economic answers come from the citizens participating in the ecomony Market Economy
Natural resources,labor/human resources, and capital resources Productive Resources
Resource that can be replenished naturally Renewable Resource
Resources that can be depleted from the environment non-renewable resources
Capitalism,free market system,laissez-faire Other names for market economy
Created by: JJLaw0916
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