Chapter 6 Flashcards
Economics
the study of the production, distribution and consumption of goods and services.
Economics 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
resources are limited
land
The materials found in the natural environment needed to produce goods . Ex) trees, oil, gold
labour
The physical and mental effort needed to produce goods and services. Ex) farmers, waitresses
capital
The money that people own or borrow, used to purchase equipment/ tools/ etc. to produce goods. Ex) factory, machinery
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 the government and paid for by taxes.
public good
what is best for society as a whole
Canada’s founding principle
Peace, Order, and Good Government
United States founding principle
Life, Liberty, and the Pursuit of Happiness
Who was Tommy Douglas
leader of the NDP and he proposed a publicly funded healthcare system. He was known as the “Father of public healthcare”
Supply
the products and services created by producers (supply involves producers)
Demand
The wants and needs of consumers for products and services (demand involves consumers
