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