ch 15 ss vocab

Front

Scarcity

Back

Not having enough resources to satisfy all wants.

Front

All things used to make goods or services: natural resources, labor, buildings, tools.

Back

Resource

Front

Economics

Back

Study of how individuals and nations make choices about using scarce resources to fulfill needs and wants.

Front

Want

Back

Desire individuals and nations have that can be met by getting a good or a service.

Front

Resource: all things that can be used—natural resources, labor, buildings, tools—for goods or services.

Back

all things that can be used—natural resources, labor, buildings, tools—for goods or services.

Front

Economic system where major decisions are made by the central government.

Back

command economy

Front

Mixed market economy

Back

System combining characteristics of multiple economies; a market economy with elements of command and tradition.

Front

Economic system where production decisions are based on customs or habits.

Back

traditional economy

Front

Desire of individuals/nations met by goods/services.

Back

Want

Front

Not having enough resources to satisfy all wants.

Back

Scarcity