economicflash Word Scramble
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Question | Answer |
what is scarcity | inadequate supply of resources or not enough |
what are goods | things or items we use that are produced |
what are services | a job done for someone else |
what is economy | careful management of producing, distributing, & consuming wealth & resources |
what is natural resources | these are found in the enviorment |
what is market | anywhere goods are sold or traded |
what are capital resources | goods used to make other goods or provide a service |
what are wages | amount paid to an iduvidual for services provided |
what is a consumer | one eho uses goods and services |
what is a labor resouce | people who work |
what is a economic system | system of organizing wealth and resources |
what is Traditional Economy | decisions are made based on how things have been done in the past |
What is Command Economy | the government makes the economic decisions and owns most of the property |
What is Market Economy | resources owned privately citezens & economic answers from citezens participating |
What is Productive Resources | natural resources,labor/human resources,and capital resources |
What is a Renewable resource | resource that can be replenished naturally |
What is a Non-Renewable Resouce | resources that can be depleted from the enviorment |
What are other names for market economy????? | Capitalism,free market system,laissez-faire |
Created by:
s0503560
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