Economics Intro Flashcards
What is scarcity?
It is when the ability or to consume is greater than the ability or choice to produce. This creates not enough product to supply.
What is economics?
The study of production distribution and consumption of goods and services
What is the difference between publicly owned and privately owned?
In a privately owned business the individuals that owned the business control it and in a publicly owned business is controlled by the government and paid for by taxes.
Is the public good?
What is best for society as a whole.
What does to shift left or to shift right mean?
To shift left means that the government increases its involvement in the economy this is usually described as a liberal a decision. Shift right means of the government decreases its involvement in the economy is usually described as a conservative decision
What are consumers and what are producers?
Producer is someone who creates products and services and a consumer is someone who uses those products and services.
Define supply and demand.
Supply is the products and services created by producers and demand is the wants and needs of consumers for products and services.
What are Crown corporations and give five examples.
A Crown corporation is one in which it is owned by Canada’s government to provide products and services to Canadians, this company is not concerned I’m trying to make a profit. Some examples of Crown corporations in Canada are the mint, Canada post, via rail, CBC news and radio broadcasting, and the national film Board of Canada
What are monopolies and give an example of one.
A monopoly is a market in which there are many buyers or consumers but only one seller or producer. This creates the price to raise. An example of a monopoly is Ticketmaster and Luxottica.
What is competition and what are the positives and negatives that come with it?
Competition is when two or more producers sell the same product or the same type of product at the same time. Some positives are that the prices Of the service or product provided will decrease and the quality will increase. Negative of competition is The public good behind the needs of producing the product.
Each economic system what are the four basic questions we should ask ourselves about the product or service provided?
- What goods and services are going to be provided?
- how where or when will they provided?
- for home will they be provided?
- how much or many will be provided?
What are the factors of production?
The three factors of production are:
-Land: property/real estate in which produce goods on
- labor employees that work for a business and produce assist different good or provide a service
- capital wealth in the form of money or property owned by a person or business and human resources in human value.
What is market and mixed economy?
What does laissez-faire system mean?
A system of political organization that means let do or leave alone and the individuals make their own decisions.
What is the invisible hand?
The invisible hand is a natural force that guides free-market capitalism. there’s no regulation of any type. this invisible hand would give market economy participants the most mutually beneficial for trade-in manner.
