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Ryan's Studyie Stack
A study stack...............hehe
| Question | Answer |
|---|---|
| What is scarcity? | Inadequate supply of resources(not enough) |
| What is goods? | Things or items we used that are produced. |
| What is services? | A job done for someone else. |
| What is economy? | The careful management of producing, distributing,and consuming wealth and resources. |
| What is natural resources? | These are found in the enviorment. |
| What is market? | Anywhere goods are sold or traded. |
| What is capital resources? | Goods used to make other goods or provide a service. |
| What are wages? | Amount paid to an individual for services provided |
| What is consumer? | One who uses goods and services. |
| What are labor resources? | People who work. |
| What is economic system? | System of orginizing 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 diecisions and owns most of the property. |
| What is Market Economy? | Resources are owned by private citizens aand economic answers come from the citizens participating in the economy. |
| What is Productive Resources? | Natural Resources,labor/human resources,and capital resources. |
| What is renewable resource | Resources that can be replenished naturally |
| What is Non-Renewable Resource | Resources that can be depleted from the enviorment. |
| Other names for market economy | Capitalism,free market system,laissez-faire. |
Created by:
fluffybunnies46
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