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 careful management of producing, distributing, and consuming wealth and resources |
natural resources | these are found in the environment |
market | anywhere goods are sold or traded |
capital resources | goods used to make other goods or provide a service |
wages | amount paid to an individual for services provided |
consumer | one who uses goods and services |
labor resource | people who work |
economic system | system of organizing wealth and resources |
Traditional Economy | decisions are made based on how things have been done in the past |
Command Economy | the government makes the economic decisions and owns most of the property |
Market Economy | resources are owned by private citezens and economic answers come from the citezens participating in the economy |
Productive Resources | Natural resources, labor/human resources, and capital resources |
renewable resources | resource that can be replenished naturally |
non-renewable resource | resources that can be depleted from the environment |
Other names for market economy | Capitalism, free market system, laissez faire |