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ecomicvocab
economics vocabulary
| Question | Answer |
|---|---|
| inadequate supply of resources (not ennough) | scarcity |
| things or items we use that are proudced | 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 an individual for services provided | wages |
| one who uses goods and services | consumer |
| people who work | labor resource |
| systemof organizing wealth and resources | economic system |
| decisions are made based on how things have been donein 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 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 |
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fluffybunny31
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