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gilberts econo stack
gilberts economic vocabulary
| Question | Answer |
|---|---|
| inadequate supply of resources | scarcity |
| things or items that are produced | goods |
| a job done for someone else | services |
| the careful managment of producing,distributing,and consuming wealth and resources | economy |
| these are found in the enviorment | 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 or organizing wealth and resources | economic system |
| decisions are made based on how things have been done in the past | traditional economy |
| the government makes the economic decisions 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 |
| resources that can be replenish naturally | renewable resources |
| recources that can be depleted from the enviorment | non~renewable resoources |
| capitalism,free market system,laissez~faire | other names for market economy |
Created by:
liceagil
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