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Geography Vocabulary

2nd six weeks vocab

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
Created by: come_on_summer