Question | Answer |
Economy | The careful managment of producing,distubiting, and consuming wealth and resources. |
Econimic System | System of orginizing wealth and resources. |
Market Economy | System in which resourcesre owned by private citizens and economic answers come from the citizens participating in the economy. |
Command Economy | System in which the government makes the economic decisiond and owns most of the property. |
Traditional Economy | System in which decisions are made based on how things have been done in past. |
Productive Resouces | Term reffering to natural resources, labor/human resources, and capital resources. |
Natural Resources | Resources that are found in the eviroment. |
Labor Resources | People who do work. |
Capital Resources | Goods used to make other goods or provide a service. |
Renewable Resources | Resouces that can replinished natrually. |
Non - Renewable Resources | Resources that caan be depleted form the enviroment. |
Goods | Things or items we use that are produced. |
Services | A job done for someone else. |
Market | Anywhere goods are sold. |
Consumer | Anyone who uses goods and services. |
Wages | An amount paid to an individual for services provided. |
Capitilism, Free Market, Laissez-Fair | Other names for a market economy. |
Scarcity | An inaquate supply of resources (not enough). |