economics study
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| What is a Economy? | The careful management of producing, distributing, and consuming wealth and resources.
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| What is a Economic system? | System of Organizing wealth and resources.
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| What is a Market Economy? | System in which resources are owned by private citizens and economic answers come from the citizens participating in the economy.
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| What is a Command Economy? | System in which the goverment makes the economic decisions and owns most of the property.
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| What is Traditional Economy? | System in which decisions are based on how things have been done in the past.
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| What is productive Resources? | Term referring to natural reasources, labor/human, and capitol resources.
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| What is a Natural Resource? | Resources that are found in the enviorment.
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| What is a Labor Resource? | People who work.
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| What is a Capitol Resource? | Goods used to make other goods or provide a service.
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| What is a Renewable Resource? | Resources thet can be replenished naturally.
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| What is a Non-Renewable Resource? | Resources that can be deleted from the enviorment.
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| What are Goods? | Things or Items we use that are produced.
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| What are Services? | A job done for someone else.
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| What is a Market? | Anywhere goods are sold or traded.
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| What is a Consumer? | Anyone who uses goods and services.
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| What are Wages? | An amount paid to an individual for services provided.
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| What do these words have in common Capitilism, Free Market, Laissez-Fair? | They are all other names for Market Economy.
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| What is Scarcity? | An inadequate supply of resources.(Not Enough)
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