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economics vocab

part 2 <page 43>

QuestionAnswer
economic system system of organized wealth and resources
traditional economy decitions are made based on how things have been done in the past
command economy the goverment makes the economic decitions and owns most of the property
market economy resources are owned by private citzens and economic answerscome from the citizens participating in the economy
productive resources natural resources, labor/human resources, and capital resources
renewable resource resources that can be replaced naturally
non renewable resources resources that can be depleated from the enviroment
other names for market economy capitalism, free market system, laissez faire
Created by: pruden
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