Chapter 6 Flashcards
Define: Scarcity
When demand is high but supply is low
3 factors of production
Land, Labor, Capital
What is Land
Resources
What is Labor
Physical and mental efforts
What is capital
Any assets
Define: Supply and Demand
The supply compared to the demand of the product
Define: Compeition
The way producers try to make the most money from their products. Compared to rival companies
Define: Planned Economy
Economy that is fully government controlled
Define: Mixed Economy
Market economy with a little government intervention
Define: Free/Market Economy
Free market with no government intervention
Define: Crown Cooperations
Companies that are owned by the government
What is a shift to the left
More government control
What is a shift to the right
Less government control
Define: Labor Unions
Organizations that help to protect the workers needs and wants
Values of Americans
Freedom, liberty and the pursuit of happiness
Values of Canadians
Peace, order and good government
Define Equilibrium
A state in price where it is the cheapest price while still profitable
