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QuestionAnswer
services a job done for someone else
natural resources these are found in the enviroment
wages amount paidto an individual for services provided
scarcity indequate supply of reources
goods things or items we use that are produced
economy the careful management of producing distributing
market anywher goods are sold or traded
capital resources goods used to makeother goods or provide a service
consumer one who uses goods and services
labor resource people who work
economic system system of organizing wealth and resources
traditional resources desicions are made based onhow things have been done in the past
command economy the goverment makes the economic decisions and owns most of the property
market economy resources are owned by private citizens and economic answers come from the citizens participating in the economy
producttive resources natural resources labor/human resources and capital resources
renewable resource resource that can be replenished naturally
non-renewable resources resouces that can be depleted from th enviroment
other names for market economy capitalism free market system laissez faire
Created by: awesomedude
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