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social stuides

soical studies

QuestionAnswer
SCARCITY Inadequate supply of resources(not enough)
GOODS Things or iteams we use that are produced
SERVICES A job done for someone else
ECONOMY The careful management of producing, distributing, and consuming wealth and resources
NATURAL RESOURCES These are found in the environment
MARKET Anywhere goods are sold or traded
CAPITAL RESOURCES Goods used to make other goods are to provide a service
WAGES Amount paid to an individual for service 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 things have been made based on how things have been done in the past
COMMAND ECONOMY The goverment makes the economic descisions and owns most of the property
MARKET ECONOMY Resources are owend by private citizens and economic answers come from the citizens participaying in the economy
PRODUCTIVE RESOURCES Natural resources,labor/human resources, and capital resources
RENEWABLE Resource that can be replenished naturally
NON-RENEWABLE RESOURCES Resources that acn be depleted from the enviroment
OTHER NAMES FOR MARKET ECONOMY Capitalism, free market system, laissez-faire
Created by: glimmer55
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