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Economics vocab

vocabulary of economics

QuestionAnswer
What does scarcity mean? Inadequate supply of resources (not enough)
What is an economic system A System of organizing wealth and resouces.
What are goods? Things or items we use that are produced.
What are wages? An amount paid to an individual for sevices provided.
What is a market Anywhere good are sold or traded.
what are sevices? A job done by someone else
What is an economy? The carefiul management of producing, distributing, and consuming wealth and resources.
What are capital resources? goods used to make other goods or provide a service.
What is a consumer? One who uses goods and servies.
What ia a labor resouce? people who work.
What is are renewable resouces? Resources that can be replenished naturally.
What are non-renewable resources? Resources that can be depletd from the environment.
What are other names for a market economy? Capitalism, free market system, or laissez-faire
What is a market economy? Resources that are owned by private citizens and economic answers that come from the citizens participating in the economy.
What are productive resources? Natural resources, labor/human resources, and capital resources.
what is a Command Economy? the government that makes the economic decisions and owns most of the property.
What is a traditional Economy? Decisions that are made based on how things have been done in the past.
What are natural resources? these are found in the environment.
Created by: r0404619
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