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economic v
| Question | Answer |
|---|---|
| what is sacarcity | inadeguate supply of resources(not enough) |
| what is goods | things or items we use that are produced |
| what is service | a job done for someone else |
| what is natural resources | these are found in the enirment |
| what is economy | the careful managemant of producing, distributing, and consuming wealth and resources |
| what is market | anywere goods are solid or traded |
| what is capital resources | goods used to make other goods or provide a service |
| what is wages | amount paid to an individusl for services provided |
| what is consumer | one who uses goods and sevices |
| what is labor recources | people who work |
| what is economic system | system of organizing wealth and resouces |
| what is traditional economy | decistions are made dsed on how things have been done in the past |
| what is command economy | the goverment makes the economic decisions and owns most of th property |
| what is market economy | resources are owned by privet citizens and economic answer come from the citizens participating in the econom |
| what is productive recources | natural resorces, labor/human, resources, and capital resources |
| what is renewable resources | resouces that can be replenished naturally |
| what is non-renewable recources | resources that can be depleated from the enierment |
| what is the other names for market economy | capitalisam, free market issez ,laissez-fair |