What TERM refers to an inadequate supply of resources (not enough)?
scarcity
What is another name for a MARKET ECONOMY?
Laissez-faire, Capitalism, Free Market, or Free Enterprise
What term refers to ANYONE who uses goods and services (like you and ME!)
consumer
In which economic system does the GOVERNMENT control all means of production?
Command Economy
In which economic system are decisions made based on customs of the past?
Traditional Economy
What TYPE of agriculture produces a SURPLUS of goods that can be sold to make a profit?
Commercial
What TYPE of farming ONLY produces enough to feed the farmer's family?
Subsistence
What TERM refers to an amount paid to an individual for services provided?
wages
What TERM refers collectively to natural resources, capital resources, and labor resources?
Productive
What TYPE of natural resource is able to replenish itself quickly?
renewable
What TERM refers to the ability to read and write?
Literacy or Literacy Rate
What TERM refers to the CITIES?
Urban
What TERM refers to items sent OUT of a country to be sold elsewhere?
exports
What does GDP stand for?
Gross Domestic Product
What TYPE of natural resource CANNOT be replenished quickly or easily?
Non-renewable
What FRACTION of the world is considered to be DEVELOPED?
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