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KPI'sEco Study Stack

Econmics Vocab. review

QuestionAnswer
scarcity inadeqate supply of resources (not enough)
Goods thing or items we use that are produced
services a job done for someone else
economy the careful management of producin, distributing, and consuming wealth and resources
natural resources these are found in the environment
market anywhere goods are sold or traded
capital resources goods 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 resorces 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 Command the government makes the economic decisions and owns most most of the property
Market Economy resources are owned by privite citizens and economic answers come from the citizens partcipating in the economy
Productive Resorces natural resources,labor/human resources, and capital rsources
Non-renewable resources resouces that can be depleted from the enviornment
Other names for market economy Capitalisam, free market system, laisser-faire
Created by: kpaige
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