Question | Answer |
what is scarcity? | Inadequate supply of resources( not enough ) |
what are goods? | Things or items that 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 rescources |
what is natural resources? | these are found in the environment |
what is market? | anywhere goods are sold or traded |
what are capital resources? | goods used to make other goods or provide a service |
what are wages? | amount paid to an individual for sevices provided |
what is consumer? | one who uses goods and services |
what is labor resource? | people who work |
what is economic resource? | system of organizing wealth and resources |
what is traditional economy? | decisions ore made based on how things have been done in the past |
what is command economy | the government makes 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 citzens participating in the economy |
what is productive resources | NATURAL RESOURCES, LABOR/HUMAN resources, and capital resources |
what is renewable resource | resource that can be replenished naturally |
what is non- renewable resource | resources that can be depleted from the enviroment |
other names for market economy | capitalism, free market system, and laissez - faire |