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vocab oct 16 11

QuestionAnswer
inadequate supplyof 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 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 a services capital resources
amount paid to an individual for services provided wages
one who uses goods and services consumer
people who work labor resource
system or 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 owend by private citizens and economic answers come from the citizens participating in the economy market economy
natural resources,labor/human resource that can be replenished naturlly productive resources
resources that can be depleted from the environment non-renewable resource
capitalism,free market system, laissez-faire other names for market economy
Created by: alondratzul
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