Chapter 6 Flashcards
Economics
The study of production, distribution and consumption of good and services
Economic system
The way a society organizes the production, distribution, and consumption of goods and services
Scarcity
In economics, the idea that land (materials), labour and capital (money) limit the supply of what people want and need
Privately owned
In economics, the part of the economy owned controlled by businesses and individuals
Publicly owned
In economics, the part of the economy owned and controlled by government and paid for by taxes
Public good
What’s best for society as a whole
Shift left
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
Shift right
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.
Consumers
Those who use products and services
Demand
The wants and needs of consumers for products and services
Producers
Those who create products and services
Supply
The products and services created by producers
Competition
In economics, rivalry amount producers to sell products to consumers
Unemployment rate
The percentage of the workforce that does not have jobs
Strike
A cessation of work by workers. Strikes pressure employers to respond to issues that concern work
Collective bargaining
Negotiating as a group. Collective bargaining is the key right established by unions for workers
Labour union
An organization of workers that acts to protect workers rights and interests
economics
The study of production, distribution, and consumption of goods and services.
economic system
the way a society organizes the production, distribution and consumption of goods and services.
economy
the resources and processes involved in the production, distribution and consumption of goods and services.
scarcity
in economics, the idea that land (materials), labor and capital;l (money) limit the supply of what people want and need.
Privately owned
In economics, the part of the economy owned and controlled by businesses and individuals.
Publicly owned
In economics, the part of the economy owned and controlled by government and paid for by taxes
Public good
What’s best for society as a whole
