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Ayssa's Stack!!!

Economics Vocabulary Review

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 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 service capitol resources
amoount paid to an individual for services provided wages
one who uses goods and services consumer
people who work labor resource
system of organizing weaalth 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
resorces are owned by private citizens and economic answerscome from the citizens participating in the economy Market Economy
Natural resources,labor/human resources,and capitol resources Productive Resorces
resource that can be replenished naturally renewable resource
resources that can be depleted from the envirorment non-renewable resources
Capitolism, free market system, laissez-faire Other names for market economy
Created by: c0502397
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