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beths vocab

economics vocab

QuestionAnswer
inadequate supply of resources (not enough) scarcity
things or items we use that are produced? goods.
ajob done for someone else? services.
the carefui management 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 good and services consumer
people who work labor resource
system of oranizing wealth and resources economic system
decision are made based on how thinds have been done in the past traditional economy
the government makes the economic decision and owns most of the property command 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
resources that can be replenished naturally renewable resource
resources that can be depleted from the enironment non-renewable resources
other names for market economy capitalism, free marketsystem, laissez-faire
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