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Geography Vocabulary
2nd six weeks vocab
Question | Answer |
---|---|
What is scarcity? | inadequete supply of resources (not enough) |
What is goods? | things or items we use that are produced |
What is services? | a job done for someone else |
What is economy? | the careful management of producing, distributing, and consuming wealth and resources |
What is natural resources? | these are found in the environment |
What is market? | anywhere goods are sold and traded |
What is a capitol resource? | goods used to make other goods or provide a service |
What is wages? | amount paid to an individual for services provided |
What is a consumer? | anyone who uses goods and services |
What is a labor resource? | people who work |
What is an economic system? | system of organizing wealth and resources |
What is a Traditional Economy? | decisions are made based on how things have done in the past |
What is a Command Economy? | the government make the economic decisions and owns most of the property |
What is Market Economy? | resources are owned by private citizens and economic answers come from the citizens participating in the economy |
What is renewable resources? | resources that can be replenished naturally |
What is nonrenewable resources? | resources that can be depleted from the environment |
What is other names for market economy? | capitolism, free market system, lassiez-faire |