Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Economy Vocabulary
Economics Vocab
| Question | Answer |
|---|---|
| define scarcity | inadequate supply of resources (not enough) |
| define goods | things or items we use that are produced |
| define services | a job done for someone else |
| define economy | the careful management of producing, distributing, and consuming wealth and resources |
| define natural resources | these are found in the enviroment |
| define market | anywhere goods are sold or traded |
| define capital resources | goods used to make other goods or provide a service |
| define wages | amount paid to an individual for services produced |
| define consumer | one who uses goods and services |
| define labor resources | people who work |
| define economic system | system of organizing wealth and resources |
| define Traditional Economy | decisions are made based on how things have been done in the past |
| define Command Economy | the government makes the economic decisions and owns most of the property |
| define Market Economy | resources are owned by private citzens and economic answers come from the citizens participating in the economy |
| define Productive Resources | natural resources, labor/human resources, and capital resources |
| define renewable resources | resource that can be replenished naturally |
| define non-renewable resources | resources that can be depleted from the enviroment |
| other names for market economy: | Capitalism, free market system, laissez-faire |
Created by:
Snowstar
Popular World History sets