Economics, Consumerism, and Quality of Life ch. 6, 7, 8, 9 Flashcards
boycott
boycottage (m)
act of non-violent protest usually for moral, social, political or environmental reasons; a decision by consumers to stop buying a product or service as a way to bring about change
décision des consommateurs qui cessent d’acheter un produit ou un service afin the provoquer un changement
capital
capital (m)
plant or equipment used in production, or something that contributes to the productivity of labour, comparative advantage or productive trade
Patrimoine possédé par un individu, une famille ou une entreprise et pouvant rapporter un revenu
central planning
planification (f) centrale ou centralisée
decisions are made by a central authority rather than by market participants
les décisions sont faites par une autorité centrale, et non par les personnes qui achêtent les produits ou services
collective bargaining
négociation (f) collective
a voluntary process used to determine terms and conditions of work and regulate relations between employers, workers and their organisations, leading to the conclusion of a collective agreement; negotiating as a group and is the key right established by unions for workers
ensemble des discussions entre employeurs ou organisations professionnelles d’une part, et représentants des salariés d’autre part, en vue de conclure une convention collective ou un accord collectif; négotiation faite par un groupe qui représente les travailleurs. La négotiation collective est le principal droit qu’ont obtenu les syndicats au nom des travailleurs
collectivism
collectivisme (m)
a system in which the distribution of goods and services is controlled by the government or the state, or by groups of individuals.
Système économique fondé sur la propriété collective des moyens de production à l’échelle locale, régionale, nationale ou mondiale.
common good / public good
bien (m) public
(also commonwealth, general welfare, or public benefit) is what is shared and beneficial for all or most members of a given community; what’s best for society as a whole
ce qui est le mieux pour une société dans son ensemble
competition
concurrence (f)
an activity involving two or more firms, in which each firm tries to get people to buy its own goods in preference to the other; in economics, rivalry among producers to sell products to consumers
en économie, rivalité entre des producteurs qui offrent des produits aux consommateurs
constitutional economics
économie constitutionelle
a branch of economics focusing on the economic analysis of the constitutional law of a state. Focuses specifically on the ways the constitutional rules and economic policies of a state benefit and restrict the economic rights of its citizens.
L’économie reliée à la constitution d’un État
consumers
consommateur (f, m)
those who use or buy a product or service
individu qui achète ou utilise un produit ou un service pour combler un besoin
consumerism
consumérisme (m)
Aquisition of products and services that are not necessary for survival but may achieve other goals such as elevating social status; an economic theory that links prosperity to consumer demand for goods and services, and that makes consumer behaviour central to economic decision making
théorie économique qui associe la prospérité à la demande des consommateurs pour des biens et des services, et qui place le comportement des consommateurs au centre des prises de décisions économiques
cooperation
coopération (f)
- working together, or a group that voluntarily meets over a common goal
- refers to a type of economics that looks at social and political factors
- Action de coopérer, de participer à une œuvre commune ; collaboration, concours
- Politique d’entente et d’échanges entre deux États.
corporation
société (association)
an independent legal entity that exists separate and apart from its owners (shareholders).
Contrat par lequel deux ou plusieurs personnes mettent en commun soit des biens, soit leur activité en vue de réaliser des bénéfices qui seront ensuite partagés entre elles ou pour profiter d’une économie
crown corporation
wholly owned federal or provincial organizations that are structured like private or independent companies
ecological
- concerned with the relations between living beings
economic continuum / economic spectrum
The economics spectrum implies a trade-off between maximizing resource acquisition and productivity or maximizing resource conservation
economic development
programs, policies or activities that seek to improve the economic well-being and quality of life for a community
economic freedom
property one acquires without the use of force, fraud, or theft is protected from physical invasions by others
economic growth
an increase in the production of economic goods and services in one period of time compared with a previous period
economic system
système (m) économique
a system of production, resource allocation and distribution of goods and services within a society; how a society organizes the production, distribution and consumption of goods and services
façon dont une société organise la production, la distribution et la consommation des biens et des services
economics / economy
économie (f)
the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society; the study of the production, distribution and consumption of goods and services / the resources and processes involved in the production, distribution and consumption of goods and services
ensemble des faits relatifs à la production, à la distribution et à la consommation des biens et services dans une société
employment
the condition of having paid work
entrepreneur
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
environmental protection
the practice of protecting the environment (creating parks, creating legislation that protects certain species etc.)
equality
being equal (not necessarily equitable though)
equilibrium
occurs when supply and demand are in balance
executives
business professional who usually has decision-making and administrative management authority
financial security
you have safety nets in place to recover from financial setbacks, you’re on track to reach your savings goals
foreign investment
involves capital flows from one country to another, granting the foreign investors extensive ownership stakes in domestic companies
free trade
a pact between two or more nations to reduce barriers to imports and exports among them
goods and services tax
taxe (f) sur les produits et services
GST: a sales tax on supplies of most goods and services in Canada, as well as many supplies of real property and intangible personal property; a federal sales tax in Canada
TPS: taxe de vente fédérale au Canada
government grants
a financial award given by the federal, state, or local government to fund some type of beneficial project (also given to students when their student loans are too high)
government ownership
government or state have possession of shares, property, and assets of the organizations
gross domestic product per capita
production/produit intérieure brute par habitant
GDP: the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period; a measure of how well-off the people of a country are
PIB (m): mesure du bien-être matériel de la population d’un pays
health care
is the improvement of health via the prevention, diagnosis, treatment, amelioration or cure of disease, illness, injury, and other physical and mental impairments in people
income
money received, especially on a regular basis, for work or through investments
income assistance
Also known as income support:
Supports for individuals and families to pay for basic expenses like food, clothing and shelter.
income distribution
statistical measure of how people earn or receive various amounts of income
income gap
how unevenly income is distributed throughout a population
income tax
impôt (m) sur le revenu
the portion of your annual earnings that’s paid to the government; tax based on a percentage of a person’s income
impôt direct payé par toute personne out entreprise en fonction de son revenu
individualism
a social theory favoring freedom of action for individuals over collective or state control
industrial expansion
the process of becoming greater in size, number, or amount through industry
industrial revolution
inequality of wealth
how unevenly income is distributed throughout a population
investors
any person or other entity (such as a firm or mutual fund) who commits capital (money or buildings or equipment for example) with the expectation of receiving financial returns.
labour economics
the study of the labor force as an element in the process of production
labour dispute
a disagreement between an employer and employees regarding the terms of employment
land
a factor of production, similar to labor, as one of the crucial elements in creating goods and services.
left wing or shift left
glissement (m) vers la gauche
the section of a political party or system that advocates for greater social and economic equality, and typically favors socially liberal ideas; the liberal or progressive group or section; more government involvement in the economy
glissement, sur le continuum de l’économie, vers un engagement gouvernemental plus prononcé dans l’économie. Un glissement vers la gauche est habituellement associé à une position plus libérale
lobby
when a group of people seeks to influence politicians or public officials on a particular issue
market economy
an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
marketing / advertising
the activity or business of promoting and selling products or services, including market research and advertising.
means of production
land, labor, and capital that can be used to produce products
mixed economy
an economic system combining private and public enterprise.
necessities
something necessary or indispensable: food, shelter, and other necessities of life.
pension / pension plans
an employee benefit that commits the employer to make regular contributions to a pool of money set aside to fund payments made to eligible people after they retire
privately owned
privé
the fact of being owned by a private individual or organization, rather than by the state; in economics, the part of the economy owned and controlled by businesses and individuals
en économie, se dit de ce qui appartient et est dirigé par des individus et des entreprises
privatization
the transfer of a business, industry, or service from public to private ownership and control.
producer
producteur (m)
someone who creates goods or supplies services
individu ou entreprise qui fabrique des produits ou offre des services
profit
profit (m)
a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something; money made from a product or service above and beyond the cost of providing the product or service
somme d’argent qui provient de la fourniture d’un produit ou d’un service et qui est supérieure à leur coût de production
profit motive
the desire for financial gain as an incentive in economic activity
progressive income tax
involves a tax rate that increases (or progresses) as taxable income increases
public education
an equal education provided to all children free of cost
public health care
système (m) de santé public
promotes and protects the health of all people and their communities free of cost; health care paid for by taxes
ensemble des institutions, services et soins de santé financés par les impôts et les taxes des contribuables
publicly owned
public
owned by the government; in economics, the part of the economy owned and controlled by government and paid for by taxes
en économie, se dit de ce qui appartient à l’Etat et est payé à même les taxes et les impôts des citoyens
quality of life
qualité de vie
a measure of personal and collective well-being; a highly subjective measure of happiness that is an essential component of many financial decisions
often include:
- financial security
- job satisfaction
- family life
- health
- safety
indice de bien-être personnel et collectif
regulation
rules that limit who can enter a business (entry controls) and what prices they may charge (price controls)
right wing / shift right
glissement (m) vers la droite
the section of a political party or system that advocates for free enterprise and private ownership, and typically favors socially traditional ideas; the conservative group or section. / 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.
glissement, sur le continuum de l’économie, vers un engagement gouvernemental moins prononcé dans l’économie. Un glissement vers la droite est habituellement associé à une position plus conservatrice
risk
the degree of uncertainty and/or potential financial loss inherent in an investment decision
scarcity
pénurie (f)
- one of the key concepts of economics.
- the demand for a good or service is greater than the availability of the good or service;
in economics, the idea that land (materials) labour and capital (money) limit the supply of what people want and need
en économie, insuffisance du capital (l’argent), de la terre (le matériel) ou de la main-d’oeuvre nécessaires pour combler les besoins et les désirs des individus
self interest
one’s personal interest or advantage, especially when pursued without regard for others
self-reliance
strike
grève (f)
a cessation of work by workers. strikes pressure employers to respond to issues that concern workers.
arrêt de travail décidé par des travailleurs salariés. Cet arrêt a pour but de protester contre certaines conditions de travail ou d’obtenir certains droits ou avantages (des hausses de salaire, par exemple)
supply
offre (f)
the products and services created by producers
produits et services proposés par les producteurs aux consommateurs
tax breaks
trade unions
unemployment
union membership
wages and benefits
demand
demande (f)
the wants and needs of consumers for products and services
produits et services que les consommateurs réclament pour répondre à leurs besoins
welfare
Any federal or state government program that provides financial or other assistance for housing, food, and healthcare to individuals and families who meet specific guidelines (such as having a low to moderate income) is considered welfare
welfare system
The welfare state in Canada is a multi-billion dollar system of government programs that transfer money and services to Canadians to deal with an array of societal needs.
work conditions
work hours, breaks, work scheduling and compensation. The physical conditions and mental demands of a person’s employment are also considered working conditions.
workplace safety
identifying and preventing hazards that could lead to injury, mental and physical illness and fatalities
command economy
a central governmental authority dictates the levels of production that are permissible and the prices that may be charged for goods and services. Most industries are publicly owned.
monopoly
the exclusive possession or control of the supply of or trade in a commodity or service.
sales tax
taxe (f) de vente
tax paid at the time of buying a product or service, and based on a percentage of the price of the product or service
taxe payée au moment de l’achat d’un produit ou d’un service et calculée en fonction du prix du produit ou du service
black market / underground economy
économie (f) clandestine
another term or underground economy; economic activity based on buying and selling products and services illegally
activité économique reposant sur la vente et l’achat illégaux de produits et de services
climate change
changement (m) climatique
a rise in the average temperature of the Earth, primarily caused by emissions from burning fossil fuels, such as coal, oil, and natural gas
augmentation des températures moyennes sur la Terre, causée sutout par la combustion de combustibles fossiles tels que le charbon, le pétrole et le gaz naturel
greenhouse gases
gaz (m) à effet de serre
those gases in the atmosphere that raise the surface temperature of planets such as the Earth. What distinguishes them from other gases is that they absorb the wavelengths of radiation that a planet emits, resulting in the greenhouse effect; carbon dioxide, methane, chlorofluorocarbons, nitrous oxide
phénomène de réchauffement de l’atmosphère induit par des gaz (dioxyde de carbone, méthane, chlorofluorocarbures [CFC], oxyde nitreux, etc., dits gaz à effet de serre [GES]) qui la rendent opaque au rayonnement infrarouge émis par la Terre.
Kyoto protocol
operationalizes the United Nations Framework Convention on Climate Change by committing industrialized countries and economies in transition to limit and reduce greenhouse gases (GHG) emissions in accordance with agreed individual targets.
ratified
sign or give formal consent to (a treaty, contract, or agreement), making it officially valid.
oil sands / tar sands
a mixture of sand, water, clay and a type of oil called bitumen.
reason why Alberta is richer than the other provinces, but taking from the oil sands is not sustainable
international agreement
formal understandings or commitments between two or more countries. An agreement between two countries is called “bilateral”
democrats
U.S. : liberal left-leaning
republicans
U.S. : conservative right leaning
Degree of government involvement in Canada (mixed economy)
- some resources are publicly owned and some are privately owned
- individuals and government both make decisions about what to produce
- individual consumers and government influence economic decision making
Degree of government involvement in the United States (market economy)
- resources are privately owned
- individuals make decisions on how to use resources
- individual consumers drive economic decision making by choosing what to buy
Benefits of the Canadian mixed economy for individuals and groups
- there is still good choice for consumer products at competitive prices and people still have the opportunity to make a good living compared to others
- everyone receives good health care, education etc.
Benefits of American market economy for individuals and groups
- there is a lot of choice in consumer products and individuals have the ability to make a good living
- lower taxes
Disadvantages of the Canadian mixed economy for individuals and groups
- not as much consumer choice and some things may be more expensive
- some groups may have to pay a higher percentage on their taxes if they make more money
Disadvantages of the American market economy for individuals and groups
- some groups may not be able to afford necessary services if they are priced out of their limit
Compare the Canadian mixed economy to the American market economy in terms of money making ability.
- Canadian oil executives still make more money than teachers make but in return pay more taxes (progressive income tax) so the income varies, but taxes in Canada help to even out this variance just slightly.
- Americans can make a lot more money than Canadians in some fields of work can, so those who are in high paying fields make a lot of money. But there are some jobs where they are making way less (some full-time teachers in the states have to have two jobs to make ends meet!)
Compare the Canadian mixed economy to the American market economy in terms of ability to pay for necessities.
Canadians will received the same medical attention as each other if they are sick. This also means that they cannot use more money to get better health care than someone else.
Some Americans cannot afford basic necessities such as health care.
Compare the Canadian mixed economy to the American market economy in terms of choice of products
In Canada there are many places to comparative shop for MOST goods (Walmart vs. Canadian Tire = they both sell similar items so you can choose where you want to shop).
In the States they have a lot of consumer choice when it comes to some products such as cell phone providers. The prices are cheaper because there is so much competition between companies.
So the United States has more choice than Canada, but Canadians are still able to have choice on where to buy products.
Pensions to support senior citizens would be an example of a shift ___________
left
In a pure market economy the _______________ drives all economic decision making.
consumer
All Canadians benefit when workers are fairly paid and have proper, safe working ________________.
environments
(conditions)
Private companies respond to consumer demand with ______________ and ______________ and that creates more and better jobs for everyone.
innovation and growth
(may be other possible answers here, the point is that change occurs and that means that workers are needed to create that change and to keep the economic growth with the new innovative products)
Crown corporations are needed because Canadians need _______________ involvement in creating the public good.
government
A _________________ is an economic system where government makes the decisions on how to use resources.
planned economy
Canada’s government would be found in the _____________ of the economic continuum
middle
Brian Mulroney making cuts to government spending was considered to be a shift _________
right
Consumerism opportunities for society (positives)
- economic growth
- creates jobs (which promotes a higher standard of living for those who get a job)
- can improve quality of life (modern conveniences are what are said to be improving the quality of life, though I believe this is debatable because you can still have a high quality of life with very little, so long as you have basic necessities and a loving community with opportunities to have hobbies)
Consumerism challenges for society (negatives)
- harms the environment
- lower standard of living for people in some countries because companies are so competitive they may pay low wages or have bad working conditions
- may harm quality of life if we live in polluted areas and lose our natural environment due to production of consumer goods
Eventually it is said that if we harm the environment too far, we will no longer have proper air to breathe. That is definitely something we need to fight for, because I believe air to be the most important thing I intake each and every day. Also, our food sources are becoming polluted, again another thing that I believe is very important to fix. So I debate that with too much consumerism, our society will eventually fail, but it just might be our children that pay the price. Do we really need expensive luxuries at the price of clean air becoming polluted?
What are 5 factors that guide consumer behaviour?
- health
- safety (very much linked to health)
- jobs (very much linked to health)
- environment (very much linked to health)
- marketing
What are the six techniques used by advertisers to market their products?
- bandwagon effect
- emotional appeal
- glittering generalities
- plain folks appeal
- testimonials
- scientific appeal
bandwagon effect
encourages you to buy a product or service because everyone else is
emotional appeal
uses strong emotional language that connects with your fears and desires
glittering generalities
relates the product or service to words or images that promise everything
plain folks appeal
relates a product or service to the experience of ordinary folks
testimonials
use celebrities or experts to speak for a product
scientific appeal
uses statistics or scientific data to persuade consumers to buy a product or service
True or false:
Health care is completely free for all Canadian citizens.
False
It is not free because it is paid through taxes
True or false:
Health care services in the United States are run like businesses and can make profit.
True
True or false:
Canada’s Employment Insurance program is supported by taxes.
False
Everyone who works has E.I. taken off their pay cheque.
True or false:
Canadian citizens, who have lived in Canada for 10 years or more, can collect a monthly pension once they turn 60 years old.
True
True or false:
Alberta is the only province that does not collect provincial sales tax on products and services.
True
True or false:
Students who work part-time generally do not have to pay income tax because they do not earn enough money.
True
(you still file taxes and the calculations will determine whether you pay taxes or not; some students do need to pay taxes since they make more money, or perhaps they returned to school after making a lot of money; there are student credits that take your tuition into account)
True or false:
The Bloc Quebecois has candidates in every province and territory in Canada to represent the rights o the French language minorities.
False
They only run candidates in Quebec
True or false:
The following is a list of requirements needed in order to be a member of a political party:
-must be a resident of Canada
- Must be at least 16 years old
- Must not be a member of another party
False
Some are 14
Can be a member of another party
True or false:
Sir John A. MacDonald championed the idea of a health care system paid for by taxes and available for all Canadians.
False
It was Tommy Douglas, leader of the CCF (now NDP)
True or false:
All of the major political parties in Canada agree that health care in Canada should not be privatized
True
(historically true; we are starting to see this change from some members of the conservatives)
True or false:
A government that provides some social programs for its citizens would have a mixed economy
True
True or false:
Bloc Quebecois and the Green Party of Canada are the only two political parties in Canada that list “the federal role of Quebec” as one of their platform issues.
False
Only BQ have this as an issue in their platform
True or False:
A party’s political platform never changes
False
True or False:
It is illegal to not report your income to the government
True
True or False:
The median income for families in Alberta in 2020 was $66 800
False
Alberta had the highest median income in Canada at $77 700
$66 800 is the Canadian median income in 2020
A financial gain made by a company or owner of a business is called a ___________
profit
The government of Canada supports the idea of using taxes to provide services to citizens. The ______________ does not support this idea as much as Canada does.
United States
Canadians pay for health care, income assistance, and pensions with taxes. The U.S. does not offer ______________ as a social program.
pensions
Canadian families pay approximately _________ % of their income on taxes (include both federal and provincial)
35%
(this depends on income so answers may vary slightly; many Canadians pay 25%, so this is very debatable depending on your choice of measure of center; median might be the best choice here since there are outliers of people who make so much money that they pay 50%; and some do not need to pay taxes at all! And then in Alberta, we tend to be better off so that affects the numbers)
Everyone in Canada pays __________ regardless of the province or territory in which they live.
G.S.T.
Government Sales Tax
In order for a new political party to have its name appear on a ballot during an election, it must have the endorsement of at least ___________ voters.
no
nobody has to endorse, but there is a process to follow
A government that provides extensive social programs and plays a central role in the economy would appear towards the ___________ economy side of the economic continuum
planned
There are __________ major political parties in Canada.
(quantity)
5
There are _________ major political parties in the United States.
(quantity)
2
The more money a person earns, the more __________ he or she generally has to pay
income tax
I say generally here since there are credits that are applied depending on who you are and what your situation is and so someone might make more money but have to pay less in some circumstances, but this is rare.
Is dental care covered by the Canada Health Act?
no
What are some key issues in the Liberal Party’s platform?
- Aboriginal peoples
- agriculture
- women’s equality
(many more, these are just a few)
A company’s agreement to pay for health care in exchange for a monthly fee
health insurance
median
in statistics, the middle number that separates the higher half from the lower half; if an even number, then average the middle two
social services
affordable housing, pensions, and income assistance
Unlike Canada’s, the U.S.’s __________________ does not identify federal or state responsibilities for social programs.
constitution
tax base
assiette (f) fiscale / base (f) imposable
all the economic activity that governments tax to pay for services
ensemble de l’activité économique de la société imposée par le gouvernement afin de payer les services
Key issues in the Conservative Party’s platform
- crime
- health care (debatable how it is offered though!)
- lower taxes
Who needs to focus on environmental issues in order to have a well-working planet and safe space for everyone to live?
- workers (must stop wasting resources)
- companies (must make better decisions that are economical in an environmental sense, not just a profit sense)
- environmental organizations (must seek ways of getting the public to understand the environmental situation and push government harder to act)
- consumers (don’t buy things that harm the environment)
- governments (must create policies that actually make a positive difference in the environment and stop people from continuing to harm it)
Everyone has a part to play, and nobody is doing enough yet.
Aboriginal Peoples have collective rights to land and resources, so we must ensure that they also receive the benefits of the land.
