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S.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, distributing,and consuming wealth and resources. Economy
These are found in the enviroment. Natural Resources
Anywhere goods are sold or traded. Market
Goods used to make other goods or provide a service. Capital Resources
Amount paid to a individual for services provided. Wages
One who uses goods and services. Consumer
People who work. Labor Resources
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 desicions and owns most of the property. Command economy
Resources are owned by private citizens and economic answers come from the citizens participating in the economy. Market Economy
Natural resources, labor/human resources, and capital resources. Productive resources
Resource that can be replenished naturaly. Renewable resource
Resources that can be depleted from the enviroment. Non-renewable resources
Capitaism, free market system, laissez-faire. Other names for market economy
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