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Vocabulary study for economics unit.

QuestionAnswer
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
Created by: SC0923
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