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tayyaba 1
economics vocab
| Question | Answer |
|---|---|
| inadequate supply of 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 ,distibuting,and consuming wealth and resources. | economy |
| these are found in the environment. | 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 of organizing wealth and resources. | economic system |
| decisions are based on how things have been done in the past. | traditional economy |
| the goverment makes the economic decisions and owns most of the property. | command economy |
| resorces 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 |
| resource 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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tayyaba
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