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eco vocab
economics review
| Question | Answer |
|---|---|
| system of organizing wealth and resources. | economics |
| inadequate supply o resource.(not enough) | scarsity |
| things or items we use that are produced. | goods |
| decisions are made based on how thing have been done in the past. | traditional economy |
| a job done for someone else. | services |
| the government makes the economics decisions and owns most of the property. | command economy |
| the careful management of producing,distributing,and consuming wealth and resources. | economy |
| resources are owned by private citizens and economy answers come from the citizens participating in the economy. | market economy |
| these are found in the environment. | natural resources |
| natural resources,labor/human resources,and capital resources. | productive resources |
| anywhere goods are sold. | market |
| resources that can be replenished naturally | renewable resources |
| goods used to make other goodsor provide a services | capital resources |
| resources that can be depleted from the enviroment | nonrenewable resources |
| amount paid to an individual for services provided. | wages |
| capitilism,free market system,laissez-faire. | other names for market economy |
| one who uses goods and services. | consumer |
| people who work. | labor resources |
Created by:
ts0989
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