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3c0n0m1c2

economics review

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 capitol resource
amount of money paid to an individual for services provided wages
one who uses goods and services consumer
people who work lobor resource
system of 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 owend by private citizens and economic answers come from the citizens participating in the econmy market economy
natural resources,labor/human resources,and capitol resources productive resources
resources that can be replenished naturally renwable resources
resources that can replenished naturally non-renwable resources
capitalism,free market system,laissez-faire other names for market economy
Created by: poohbear11
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