Chapter 6 Vocab Flashcards

1
Q

Economics

A

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

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2
Q

Economic Systems

A

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

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3
Q

Economy

A

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

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4
Q

Scarcity

A

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

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5
Q

Privately Owned

A

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

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6
Q

Publicly Owned

A

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

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7
Q

Public Good

A

What’s best for society as a whole

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8
Q

Shift Left

A

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

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9
Q

Shift Right

A

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

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10
Q

Consumers

A

Those who use products and services

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11
Q

Demands

A

The wants and needs of consumers for products and services

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12
Q

Producers

A

Those who create products and services

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13
Q

Supply

A

The products and services created by producers

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14
Q

Competition

A

In economics, rivalry among producers to sell products to consumers

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15
Q

Unemployment Rate

A

The percentage of the workforce that does not have jobs

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16
Q

Strike

A

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

17
Q

Collective Bargaining

A

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

18
Q

Labour Union

A

an organization of workers that acts to protect workers’ rights and interests