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social studies

scarcity inadequate supply of recources (not enough)
goods things or items we use that are produced
services a job done for somone else
economy the careful management of producing,distributing, and produciing wealth and recources
natural recources these are found in the envirement
market anywhere goods are sold or traded
capitol racources goods used to mke other goods or provide a service
wages an amount paid to an individual for services provided
consumer one who uses goods and services
labor recource people who work
economic system system of orginizing wealth and recources
traditional econimy decisions are made based on what has been done in the past
command econimy the government makes the economic decisions and owns most of the property
market econimy recources are owned by private citesens and economic answers come from the citesens participating in the econimy
productive recources natural recources, labor/human recources, and capitol recources
renewable recources recource that can be replenished naturally
non-renewable recources recources that can be depleted from the envirenment
other names for market econimy capitalism,free market system, liassez-fair
Created by: twinsbigsis