Question | Answer |
scarcity | inadequate supply of resources (not enough) |
goods | things or items we use that are produced |
services | a job done for someone else |
economy | the carful management of producing, distriduting, and consuming wealth and resources |
natural resources | these are found in the enviroment |
market | anywhere goods are sold or traded |
capital resources | goods used to make other goods or provide a service |
wages | amount paid to an individal for services provided |
consumer | one who uses good and services |
labor resource | people who work |
ecnomic system | system of organizing wealth and resources |
traditinal economy | decisions are made based on how things have been done in the past |
command econmy | the goverment makes the economic decisions and owns most of the property |
market economy | resources are owned by privite citizens and economic answers come from the citizes participating in the economy |
productive resources | natural resources, labor/human resources, and capital resources |
reewable resource | reource that can be replenished naturally |
non-renewable resources | resources that can be depleted from the environment |
other names in the market economy | Capitalism,free market system,laissez-faire |