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be123
social studies
| Question | Answer |
|---|---|
| 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
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