Economics vocabulary review
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| inadequate supply of resources (not enough) | scarcity
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| things or items we use that are produced | goods
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| a job done for someone else | services
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| these are found in the environment | natural resources
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| anywhere goods are sold or traded | market
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| goods used to make other goods or provide a service | capital resources
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| amount paid to an individual for services provided | wages
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| one who uses goods and services | consumer
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| people who work | labor resource
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| system of organizing wealth and resources | economic system
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| decisions are made based on how things have been done in the past | traditional economy
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| the government makes the economic decisions and owns most of the property | command ecomomy
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| resources are owned by private citizens and econimic answers come from the citizens participating in the economy | market economy
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| natural resources, labot/human resourves and capital resources | productive resources
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| resource that can be replenished naturally | renewable resource
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| resourves that can be depleted from the envirnment | non-renewable resourves
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| capitalism,free market system, laissez-faire | other names for market economy
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