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economics vocabulary


scarcity inadequate supply of resources (not enough)
goods things or items we use that are produced
services a job done for someone else
economy the carefulmanagement of producing, distributing, and consuming wealth and resources
natural resources these are found in the enviroment
market anywhere goods are sold or traded
capital resources goods used to make other goods or provide a service
wages amount paid to an individual for services provided
consumer one who uses goods and services
labor resource people who work
economic system system of organizing wealth and resources
traditional economy decisions are made based on how things have been done in the past
command economy the government makes economic decisions and owns most of the property
market economy resources are owned by private citizens and economic answers come from the citizens participating in the economy
productive resources natural resources, labor/human resources, and capital resources
renewable resources resource that can be replenished naturally
non-renewable resource resources that can be depleated from the enviroment
other names for market economy capitalism, free market system, laissez-faire
Created by: r1010584