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Economics Vocabulary

QuestionAnswer
Inadequate supply of resources (not enough). Scarcity
Things or items we use that are produced. Goods
A job done for someone else. Services
The careful management of producing, distributing, and comsuming wealth and resources. Economy
These are found in the environment. Natural Resources
Anywhere goods are sold or traded. Market
Goods used to make other goods or provide a service. Capital Resources
Amount paid to an individual for services provided. Wages
One who uses goods and services. Consumer
People who work. Labor Resource
System of organizing wealth and resources. Economic System
Decisions are made based on how things have been done in the past. Traditional Economy
The government makes the economic decisions and owns most of the property. Command Economy
Resources 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 thatcan be replenished naturally. Renewable Resources
Resource that can be replenished naturally. Non-renewable Resources
Capitalism, free market system, laissez-faire. Other Names for Market Economy
Created by: schoole
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