This unit is hard!
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| inadequate supply of resources (not enough) | scarcity
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| things or items we use that are produced | goods
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| a job done for someone else | services
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| the careful management of producing, distributng, and consuming wealth and resources | economy
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| these are found in the enviorment | natural resources
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| anywhere goods are sold or traded | market
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| goods used to make other goods or provide a service | capital resources
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| amount paid to an individul for services provided | wages
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| one who uses goods and services | consumer
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| people who work | labor resource
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| system of organizing wealth and resources | economic system
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| decisions are made based on how things have been done in the past | traditional economy
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| the government makes the economic decisions and owns most of the property | command economy
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| natural resources, labor/human resources, and capital resources | productive resources
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| resources that can be reproduced naturally | renewable resources
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| resources that cannot be easily replaced | non-renewable resources
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| Capitalism, free market system, laissez-faire | Other names for market economy
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| machines and tools used in producing | capital
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| A person who studies economics | economist
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| The way that societies turn resources into goods and services | producing
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| The difference between the revenue that a business generates from its goods and/or services. | profit
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| A manufacturing process that uses standarized parts for the mass production of goods | assembly line
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| A service preformed for a customer at the consumer level | consumer servie
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| The four factors that may be cdombined in many ways to make a profit-natural resources, labor, capital, and other products | factors of production
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| The type of economy in which the market determines what goods and services are produced (such as the United States economy) | free market economy
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| A service performed at the producer level | industrial service
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| Making the difference between revenues and costs as large as possible | maximizing profits
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| Products that were manufactured somewhere else that are used to make this | other products
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Created by:
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