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Mary Claire's stack
Economics Vocabulary Review
| 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 |
| capitol 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 work | 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 citizens and economic answers come from the citizens participating in the economy |
| productive resources | natural resources, labor/human resources, and capitol resources |
| renewable resource | resource that can be replenished naturally |
| non-renewable resources | resources that can be depleted from the environment |
| other names for market economy | capitalism, free market system, laissez-faire |
Created by:
bellville
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