Chapter 6

Question 1

Economics

Answer 1

The study of production, distribution and consumption of good and services

Question 2

Economic system

Answer 2

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

Question 3

Scarcity

Answer 3

In economics, the idea that land (materials), labour and capital (money) limit the supply of what people want and need

Question 4

Privately owned

Answer 4

In economics, the part of the economy owned controlled by businesses and individuals

Question 5

Publicly owned

Answer 5

In economics, the part of the economy owned and controlled by government and paid for by taxes

Question 6

Public good

Answer 6

What’s best for society as a whole

Question 7

Shift left

Answer 7

A shift in the economic continuum towards more government involvement in the economy. A shift left is usually described as taking a more liberal position

Question 8

Shift right

Answer 8

A shift in the economic continuum towards less government involvement in the economy. A shift right is usually described as taking a more conservative position.

Question 9

Consumers

Answer 9

Those who use products and services

Question 10

Demand

Answer 10

The wants and needs of consumers for products and services

Question 11

Producers

Answer 11

Those who create products and services

Question 12

Supply

Answer 12

The products and services created by producers

Question 13

Competition

Answer 13

In economics, rivalry amount producers to sell products to consumers

Question 14

Unemployment rate

Answer 14

The percentage of the workforce that does not have jobs

Question 15

Strike

Answer 15

A cessation of work by workers. Strikes pressure employers to respond to issues that concern work

Question 16

Collective bargaining

Answer 16

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

Question 17

Labour union

Answer 17

An organization of workers that acts to protect workers rights and interests

Question 18

economics

Answer 18

The study of production, distribution, and consumption of goods and services.

Question 19

economic system

Answer 19

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

Question 20

economy

Answer 20

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

Question 21

scarcity

Answer 21

in economics, the idea that land (materials), labor and capital;l (money) limit the supply of what people want and need.

Question 22

Privately owned

Answer 22

In economics, the part of the economy owned and controlled by businesses and individuals.

Question 23

Publicly owned

Answer 23

In economics, the part of the economy owned and controlled by government and paid for by taxes

Question 24

Public good

Answer 24

What’s best for society as a whole

Question 25

Shift left

Answer 25

A shift in the economic continuum towards more government involvement in the economy. A shift left is usually described as taking a more liberal position.

Question 26

Shift right

Answer 26

A shift right on the economic continuum towards less government involvement in the economy. A shift right is usually described as taking a more conservative position.

Question 27

Consumers

Answer 27

Those who use products and services

Question 28

Demand

Answer 28

The wants and beed of consumers for products and services

Question 29

Producers

Answer 29

Those who create product as and services

Question 30

Supply

Answer 30

The producers and services created by producers

Question 31

Competition

Answer 31

In economics, rivalry among producers to sell products to consumers

Question 32

Strike

Answer 32

When large groups of workers stop working to pressure employers to the issues that concern workers

Question 33

Collective bargaining

Answer 33

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

Question 34

Labour union

Answer 34

An organization of workers that acts to protect workers’ rights and interests.