Chapter 6 Flashcards
Scarcity
the idea that land, labour and capital limit the supply of what people want and need.
Consumer
Those who use products and services
Producers
Those who create products and services
Supply
The products and services created by producers
Demand
The wants and needs of consumers for products and services
Land
Materials found in the natural environment needed to produce goods and services
Labour
The physical/ mental effort needed to produce goods and services
Capital
The money that people use to purchase equipment, tools and other resources to produce goods and services
Privately owned
The part of the economy owned and controlled by businesses and individuals
Publicly owned
The part of the economy owned and controlled by government and paid for by taxes
Shift left
A shift on the economic continuum towards more government involvement in the economy
Shift right
A shift on the economic continuum towards less government involvement in the economy
Crown corporation
A company owned by Canada’s government to provide products and services to Canadians
Labour union
An organization of workers that acts to protect workers rights and freedoms
Collective bargaining
Negotiating as a group
