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social studies
| Question | Answer |
|---|---|
| scarcity | inadequate supply of resources (not enough) |
| goods | things or items 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 or provide a service |
| 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 things 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 citezens and economic answers come from the citezens participating in the economy |
| Productive Resources | Natural resources, labor/human resources, and capital resources |
| renewable resources | resource that can be replenished naturally |
| non-renewable resource | resources that can be depleted from the environment |
| Other names for market economy | Capitalism, free market system, laissez faire |
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awesomeness01
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