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social 9 > chapter 6 > Flashcards

chapter 6 Flashcards

1
Q

what is economics?

A

the study of the production, distribution and consumption of the goods and services

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2
Q

what is an economic system?

A

the way a society organizes the production distribution and consumption of goods and services

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3
Q

what is the definition of economy?

A

the resources and the processes involved in the production distribution and consumption of goods and services

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4
Q

what is scarcity

A

scarcity is where theirs not enough supply of something so some people don’t get it

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5
Q

what is privately owned

A

owned by an individual or a group

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6
Q

what is publicly owned

A

owned by the government

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7
Q

what is public good

A

what’s the best for society as a whole

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8
Q

What is the definition of consumers?

A

those who use the product or services

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9
Q

what is the definition of demand

A

the wants and needs of the consumers products and services (he wants something thats demand)

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10
Q

What is the definition of producers?

A

those who create the product or service

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11
Q

What is the definition of supply?

A

the products and services created by producers

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12
Q

What is the definition of competition?

A

in economics, rivalry among producers to sell products to consumers

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13
Q

what is the unemployment rate

A

the percentage of the workforce that doesn’t have jobs

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14
Q

what does it mean to go on strike

A

when the workers respond to issues by not working

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15
Q

What is the definition of collective barganing

A

negotiating as a group. Collective bargaining is the key right established by the unions for workers

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16
Q

What is the definition of labour union

A

an organization of workers that act to protect workers that acts to protect workers rights and interests

17
Q

What are the three basic factors of production?

A

Land, labour and capital (money)

18
Q

what is the planned economy?

A

the left side of the spectrum

19
Q

what is a market economy?

A

the left side of the spectrum

19
Q

what are some characteristics of a planned economy?

A

nobody has too pay for schools hospitals roads and stuff like that

20
Q

what are some characteristics of a market economy

A

Everyone motovated to make money and you do not have to pay as muce tax

21
Q

what is a country that’s on the right side of the spectrum?

A

The USA because schools are for profit and hospitals are for profit and they have to buy everything

22
Q

what is a country that’s on the left side of the spectrum?

A

China all the factory’s roads and schools are paid for by the government which is funded by taxes.

23
Q

what is a private good?

A

only good for some people not all

24
Q

what are Canada’s founding principles?

A

peace, order and good government

25
Q

what are the United States’ founding principles?

A

life, liberty and the pursuit of happiness

26
Q

what is supply and demand?

A

supply and demand are what businesses are built on the supply is down and the demand is up they need to up the price or get better supply

27
Q

what is the invisible hand?

A

an unseen force that acts on the market

28
Q

what is lazzair fairz

A

it’s more right on the spectrum they want less government involvement

29
Q

what is equalbrillum

A

when the market is perfect (you make 100 cookies and they all sell but nobody else wants cookies)

30
Q

what does it mean when an economy goes left

A

they have more government control (china)

31
Q

what does it mean when an economy goes right

A

they have less government control (USA)

32
Q

when the demand goes up what happens to the supply and price

A

supply goes down and the price goes up

33
Q

what happens when the price goes up

A

the demand goes down and the supply goes up

34
Q

what happens when the supply goes up

A

the price goes down and the demand goes up

35
Q

when does the government get involved in market economics?

A

when they feel people are getting treated unfairly

social 9 (4 decks)

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