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Social Studies 9 > Economics > Flashcards

Economics Flashcards

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1
Q

Economics

A

How people spend their money to get things they need and want.

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2
Q

Economic Systems

A

How a society controls the distribution of resources and supplies.

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3
Q

Market Economy

A

An economy that is centred around the people that live in a certain area, the government gives very little support during good and bad times.

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4
Q

Command Economy

A

An economy that is centred around the government, the government controls the most important aspects of the economy and the citizens control the less important aspects.

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5
Q

Mixed Economy

A

An economy that uses private corporations to maintain industries, but the government controls publicly funded systems like education and healthcare.

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6
Q

Scarcity

A

When people want a product but there are low amounts of it produced or left in existence. Leads to the 3 questions.

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7
Q

Land

A

The physical resources we get from land or nature

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8
Q

Labour

A

The work that people do in the economy

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9
Q

Capital

A

The money resourced in our economy and the growth of our economy

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10
Q

Means of Production

A

Land, Labour, and Capital

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11
Q

Collectivism

A

Prioritizing the overall needs of a group instead of the needs of individuals

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12
Q

Individualism

A

Prioritizing the news of individuals instead of the collective needs.

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13
Q

Capitalism

A

The belief that the government should not have any control over the economy.

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14
Q

Competition

A

When two production companies battle to create the best products

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15
Q

Profit Motive

A

Having motivation from money compensation.

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16
Q

Laissez-Faire

A

The government leaving things alone

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17
Q

Invisible Hand

A

The government having control over things that people cannot see

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18
Q

Private Ownership

A

When individuals own land or businesses, instead of the government owning them.

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19
Q

Entrepreneurialism

A

Starting new business with opportunities to make money

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20
Q

Communism

A

The belief that the government should have control over the economy and every person should have equal opportunities.

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21
Q

Equality

A

When people are treated the exactly the same, and have equal opportunities.

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22
Q

Proletariat

A

Everyone is in the working class, there are not any rich or poor, no classes.

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23
Q

Common Good

A

Thinking about others before yourself and thinking about the needs of others before your needs.

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23
Q

Bourgeoisie

A

Middle class, working class people

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24
Q

Public Ownership

A

When the government owns all land and businesses in the economy

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25
Q

Egalitarianism

A

A belief of a group of people that everyone should have the same rights and opportunities.

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26
Q

Supply and demand

A

Amount and need for products in a specific economy.

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27
Q

Incentive

A

Money or compensation to increase someone’s behaviour or work ethic.

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28
Q

Socialism

A

The belief and practice of basic needs and rights being met and decisions being made to benefit an entire society, not just individuals.

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29
Q

Factory Act

A

An act in 1831 that limited working conditions for kids.

Kids 9-13 only could work 8 hours a day
Kids 14-18 could only work 12 hours a day

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30
Q

Mines Act

A

And act in 1842 that states that women could not higher women or boys under 13 in a mine. IN 1874, they lessened workdays to 10 hours daily

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31
Q

Labour Union

A

A group of employees that work to protect the rights of employees and negotiate pay, days off, and much more.

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32
Q

Industrial Revolution

A

In 1750 when people were changing from working on farms to working in factories and cities.

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33
Q

Public Sector

A

The economy, or part of it is controlled by the government.

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34
Q

Private Sector

A

The economy, or part of it is controlled by individuals.

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35
Q

What is the entire economy separated into?

A

Supply and demand, scarcity, competition, cost and benefits

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36
Q

What kind of economy does Canada have?

A

A mixed economy

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37
Q

__________+_____________=scarcity

A

unlimited wants+limited resources

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38
Q

What are the 3 questions in economics?

A
  1. What to produce-what products+amount
  2. How to produce-most efficient+amount
  3. For whom to produce-what needs to be met and how to distribute them
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39
Q

In a market economy who answers the questions?

A

Buyers and sellers

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40
Q

In a command economy who answers the questions?

A

The government

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41
Q

In a mixed economy who answers the questions?

A

Both the government and the buyers and sellers

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42
Q

Another name for a command economy?

A

Planned economy

43
Q

What is far left on the spectrum of economics?

A

Collectivism, Command economy

44
Q

What is far right on the spectrum of economics?

A

Individualism, Free Market Economy

45
Q

Who is Adam Smith?

A

-father of capitalism
-individualist
-Believed
Government should not be involved in the economy at all
(Laissez-Faire: “Leave to do” or HANDS OFF)
Individuals should be free to make decisions for themselves
Competition will provide the best quality products for cheap
Profit will motivate people to work harder. Those who work hard should be rewarded. Those that do not, shouldn’t

46
Q

Pros of capitalism

A

-Promotes Risk-Taking (Entrepreneurialism)
-Competition
-Connects the world (Free Trade)
-Economic Growth

47
Q

Cons of capitalism

A

Economic Inequality
Monopolies
Selfishness
Markets are volatile

48
Q

Volatile

A

Can change very quickly

49
Q

Pillars of capitalism

A
  1. Private property
  2. Self interest
  3. Competition
  4. Freedom of choice
  5. Limited role of gov’t
50
Q

Who was Karl Mark?

A

-father of communism
-collectivist
-Believed

Government should control the means of production

A society made up of classes is wrong

Wealth should be taken from the rich and given to the poor. This will create equality amongst the people and remove the abuses of capitalism.

Government should regulate business to ensure it is acting in the best interest of the people

Society should be co-operative, NOT competitive

51
Q

Pros of communism

A

Everyone has the same opportunities
Almost everyone is employed
Almost everyone is educated
Focus on agriculture and manufacturing

52
Q

Cons of communism

A

Individuals rights are restricted
Earning is limited
No savings are allowed
Often results in Poverty
Employment rises, but meaningful employment drops

53
Q

What was the British Labour Party

A

A party in 1900 that was able to work in parliament to fight for better working conditions, meaning that the lives of workers was important

54
Q

What happened to workers in the last half of the 1800s in Britain and France?

A

-wages doubled
-safe working conditions
-insurance for workers
-women could go back home, while men provided

55
Q

What do socialists believe?

A

Decisions should be made to benefit society as a whole

Everyone’s basic rights should be met.

Passing laws to ensure workers rights were protected

56
Q

Balance

A

When there is an equal demand and supply of products, services, and goods.

57
Q

Surplus

A

When there is abundant resources and not enough demand for them.

57
Q

Quality of Life

A

The comfort of individuals and communities based on materialistic and non-materialistic things.

57
Q

Standard of Living

A

The quality and quantity of good and services provided in a society.

58
Q

GDP

A

Gross Domestic Product-The money value of final goods and services in a certain amount of time.

59
Q

GNP

A

Gross National Product-The total value of goods and services made by a country in a year.

60
Q

Capital scarcity

A

When money given to people to borrow is in short supply.

61
Q

Land scarcity

A

When the resources that come from the land and the land are in short supply.

62
Q

Labour Scarcity

A

When efforts from people that produce goods and complete services are in short supply.

63
Q

Supply and demand

A

The demand or want for a product and the amount of the product that producers have.

64
Q

Price

A

The amount of money that a company is trying to sell products for

65
Q

Equilibrium

A

When the supply and the demand of a product is equal and balanced

66
Q

Demand

A

The amount of people that want a good or service

67
Q

Supply

A

The amount of a good or service a company can offer

68
Q

Competition

A

When companies make similar products trying to sell the best quality for less money

69
Q

Monopoly

A

A market that one company is dominant in, so they are often the only person selling the goods or services, meaning more money for goods.

70
Q

Oligopoly

A

A market that has a few very dominant companies, they usually by up smaller companies, and cause less options for consumers.

71
Q

Inflation

A

How quickly prices increase for services and goods

72
Q

Demand-Pull Inflation

A

When the demand increases causing inflation because they cannot produce enough

73
Q

Cost-Push Inflation

A

When the cost to make things increases, leading to inflation

74
Q

Built-In Inflation

A

When wages rise to maintain the cost of living so the prices of goods inflate

75
Q

Individual Identity

A

Only focusing on yourself involving economic issues

76
Q

Collective Identity

A

Focussing on the needs of an entire society when discussing economic issues.

77
Q

Shift Left

A

When a economy moves towards more government involvement. (Liberal)

78
Q

Shift Right

A

When an economy shifts towards less government involvement. (Concervative)

79
Q

NAFTA

A

North America Free Trade Agreement

80
Q

USMCA

A

United States-Mexico-Canada Agreement. An agreement for trade between these places and the taxes for importation.

81
Q

Crown Corporations

A

Companies owned by the Canadian government which provides necessary products for people.

82
Q

Universal Basic Income

A

A new idea where citizens all get paid the same income or get a bonus if they don’t make enough money.

83
Q

Labour union

A

An organization of employees that form a group to represent wages and working conditions.

84
Q

Collective bargaining

A

A negotiation process where unions fight together for their rights, because multiple opinions is stronger than 1 opinion.

85
Q

Craft unions

A

Unions for skilled workers

86
Q

Skilled workers

A

Workers that have high expertise in an area

87
Q

Industrial unions

A

Include skilled and unskilled workers in an industry

88
Q

Public sector union

A

A union that represents an entire trade

89
Q

Strikes

A

People refusing to work to fight for their rights and freedoms

90
Q

General strike

A

When many unions support each other and form a big strike

91
Q

Closed-shop agreement

A

Workers have to be in the union before they can be workers

92
Q

Union-shop agreement

A

A person has to become part of the union after they receive a job

93
Q

Rand formula

A

You do not have to join the union that you work under but you have to pay union fees because you get the union benefits

94
Q

Work stoppage

A

All work stops

95
Q

Lockout

A

Work stoppage led by employers

96
Q

Conciliation

A

A legal way to figure out a disagreement

97
Q

Mediator

A

A person that works to find agreement between employers and employees

98
Q

Binding Arbitration

A

When a person hears both perspectives and makes a fair decision based on rights and freedoms

99
Q

CUPE

A

Canadian Union of Public Employees

100
Q

Provincial labour board

A

Government agency that is responsible for approving unions

101
Q

Bargaining unions

A

Workers that represent a collective agreement.

102
Q

Consumerism

A

The idea that people are happy when they buy goods and materialistic things, The idea that higher consumption of goods equals a better economy.

103
Q

Materialistic

A

Physical things instead of feelings and behaviours.

Social Studies 9 (3 decks)

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