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