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Twilight

Flash Cards

QuestionAnswer
scarcity Inadequate supply of resources(not enough).
services A job done for someone else.
economy The careful management of producing , distributing, and consuming wealth and reasources.
goods Things or items we use that are produced.
natural resources These are found in the environment.
market Anywhwere goods are sold or traded.
resources Goods used to make other goods.
wages Amount paid to an individual for services provided.
consumer One who uses goods and services.
labor resource People who work.
economic system System of organizing wealth and resources.
Traditional Economy Decisions are made based on how thigns have been done in the past.
Command Economy The government makes the economic decisions and owns most of the property.
Market Economy Resources are owned by private citizens and economic answers come from the citizens participating in the economy.
Productive Resources Natural resources, labor/human resources, and capital resources.
renewable resource Resource that can be replenished naturally.
non-renewable resources Resources that can be depleted from the environment.
some other names for market economy Capitalism, free market system, laissez-faire.
Created by: twilight2000
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