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John's study stack
Economics vocabulary review
| Question | Answer |
|---|---|
| inadequate supply of resources (not enough) | scarcity |
| things or items we use that are produced | goods |
| a job done for someone else | services |
| these are found in the environment | natural resources |
| anywhere goods are sold or traded | market |
| goods used to make other goods or provide a service | capital resources |
| amount paid to an individual for services provided | wages |
| one who uses goods and services | consumer |
| people who work | labor resource |
| system of organizing wealth and resources | economic system |
| decisions are made based on how things have been done in the past | traditional economy |
| the government makes the economic decisions and owns most of the property | command ecomomy |
| resources are owned by private citizens and econimic answers come from the citizens participating in the economy | market economy |
| natural resources, labot/human resourves and capital resources | productive resources |
| resource that can be replenished naturally | renewable resource |
| resourves that can be depleted from the envirnment | non-renewable resourves |
| capitalism,free market system, laissez-faire | other names for market economy |
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