Chapter 6 Flashcards
What does economics mean?
The study of the production, distribution and consumption of goods and services.
What is an economic system?
the way a society organizes the production, distribution, and consumption of goods and services.
What is scarcity?
In economics, the idea is that land (materials) labor, and capital (money) limit the supply of what people need.
What is a need Vs a want?
A need is something you need to survive, like food, water, shelter, and more.
A want is something you can survive without like toys, coffee, TV.
What does privately owned mean?
In economics, the part of the economy is owned and controlled by businesses and individuals.
What does privately owned mean?
In economics, the part of the economy is owned and controlled by businesses and individuals.
What does public goods mean?
What’s best for society as a whole.
What does it mean when a person is far left?
It means they want more government involvement in the economy. (Liberal)
What does it mean when a person is far right?
It means they want less government involvement in the economy. (Conservative)
What does the crown corporation do?
Provide essential services.
Promote economic development
Support Canadians culture and identity
What does supply mean?
The products and services created by producers.
What is a consumer?
those who use products and services.
What is a demand?
The wants and needs of a consumer for products and services.
What is a producer?
Those who create products and services.
What is competition?
Rivalry among producers to sell products to consumers.
