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Jessica's Eco Vocab
economic vocab
| Question | Answer |
|---|---|
| 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,distrbuting,and consuming 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 service | capital resources |
| amount paid to an idividual for services provided | wages |
| one who uses goods and services | consumer |
| people who work | labor resources |
| system of organizing wealth and resources | economic system |
| decisions are made based on how things have been done in the past | traditional economy |
| the goverment makes the economic decisions and oens 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 that can be replenished naturlly | productive resources |
| resources that can be depleted from the environment | non-renewable resources |
| capitalism, free market system, laisser-faire | other names for market economy |
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M0403640
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