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| Question | Answer |
|---|---|
| inadequate supply resource(not enough) | scarcity |
| things or items that we use that are produced | goods |
| a job done for someone else | services |
| the careful management of producing distributing and consuming wealth and resources | economy |
| these are found in the enviorment | natural resources |
| anywhere goods are sold or traded | market |
| goods used to make other goods or provide a services | capital resources |
| amount paid to an individual for services provided | wages |
| one who uses goods or provide a services | consumer |
| people who work | labor resource |
| system of organizing wealth and resouces | economic system |
| decisions are made based on how things have been sone in the past | traditional economy |
| the goverment makes the economic decisions and owns most of the property | command economy |
| resouces are owned by private citizens and economic answers come `from the citizens participating in the economy | market economy |
| natural resources labor/human resources and capital resources | productive resources |
| resources that can be replenished naturally | renewable resources |
| resources that can be depleted from the environment | non-renewable resources |
| capitalism free market system laissez-faire | other names for market economy |
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