Question | Answer |
What is Economy? | The careful management of producing,distributing, and counsuming wealth and resources |
what is Economic system? | System of organizing wealth and resources |
What is Market Economy? | System in which resources are owned by private citizens and economic awnsers come from the citizens participating in the economy |
What is Command Economy? | system in which the goverment makes the economic desisions and owns most of the property |
What is traditonal economy | system in which are made based on how things have been done in the past |
What is productive resources | term refering to natrual resorces, labor/human resorces, and capitol resouces. |
What is natrual resources | resources that are found in the enviroment |
What is labor resources | pepole who work |
What is capital resources | good s used to make other goods or provide a service |
What is renewable resources | resorces that can be replenished natrually |
What is non-renewable resource | resources that can be depleted from the envioment |
What is goods | things or items we use that are produced |
What is services | a job done for someone else |
What is market | anyware goods are sold or traded |
What is consumer | anyone who uses goods or services |
What is wages | an amount paid to an indivisual for services provited |
What is capitolizum,free market, laisses-fair | other names for a market economy |
What is scarity | an inadequet supply of resources (not enough) |