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Vivian Tran vocab.SS
social studies vocabulary
| Question | Answer | ||
|---|---|---|---|
| Inadequate supply of resources(not enough) | scarcity | ||
| things of items we use that are produced | goods | ||
| a job done for someone else | services | ||
| the careful managment of producing, distributing,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 resources | ||
| system of organizing wealth and resources | economic system | ||
| decisions are made 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 | ||
| 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 envirorment | non-renewable resources | ||
| other names for market economy | Capitalism, free market system, laissez-fair | ||
| the government makes the economic decisions and owns most of the property | Command Economy |
Created by:
icedragon610
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