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vocab :]
vocabulary defenition review
| Question | Answer |
|---|---|
| scarcity | inadequate supply of resources |
| goods | things or items we use thatare produced |
| services | a job done for someone else |
| economy | the careful manegment of producing , distributing , and consuming wealth and resources |
| natural resources | these are found in the enviroment |
| 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 organizedwealth and resources |
| traditional economy | decisions are made based on how things have been done in the past |
| command economy | the goverment makes the ecenomic decisions and owns most of the property |
| market economy | resources are owned by private citizens and ecenomic answers come the citizens participating in th economy |
| productive resources | natural resources, labor /human resources, and capital resources |
| renewable resources | resources that can be replenished naturally |
| non renewable resources | resources that can be depleted from the enviroment |
| other names for market economy | capitalism , free market system, laissez-faire |
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c1107416
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