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Ec0n0m1c5
Vocabulary study for economics unit.
| Question | Answer |
|---|---|
| An inadequate supply of resources (not enough). | Scarcity |
| Things or items we use that are produced. | Goods |
| A job done for someone else. | Services |
| Resources that can be depleted from their enviroment. | Non-renewable Resources |
| The system of organizing wealth and resources | Economic System |
| The careful management of producing, distributing, and consuming wealth and resources. | Economy |
| One who uses goods and services. | Consumer |
| Natural resources, labor/human resources, and capital resources. | Productive Resources |
| People who work | Labor Resources. |
| Anywhere goods are sold or traded. | Market |
| Amount paid to an individual for services provided. | Wage |
| The government makes the economic decisions and owns most of the property. | Command Economy |
| Resources that can be replenished naturally | Renewable Resources. |
| Resources found in the enviroment. | Natural Resources |
| Decisions based on how things have been done in the past. | Traditional Economy |
| Resources are owned by private citizens and economic answers come from the citizens participating in the economy. | Market Economy |
| Goods used to make other goods or provide a service. | Capital Resources |
| Capitalism, free market system, and laissez-faire are other names for: | Market Economy |