Economy Flashcards
Economy
the resources and processes involved in the production, distribution and consumption of goods and services
economics
the study of the production, distribution and consumption of goods and services
economic system
the way a society organizes the production, distribution and consumption of goods and services
scarcity
the basic economic problem to be solved
4 factors of production
land, labour, capital, entrepreneurship
land factor
resources needed from the land to produce goods/services
labour factor
people/skills needed to produce goods/services
capital factor
money needed to produce
entrepreneurship factor
risking time/money to create new goods/services
collective bargaining
Negotiating as a group. Collective bargaining is the key right established from unions for workers
competition
in economics, rivalry among producers to sell products to consumers
consumers
Those who use products/services
demand
The wants and needs of consumers for products/services
labour union
An organization of workers that acts to protect workers’ rights and interests
privately owned
in economics, the part of the economy owned and controlled by businesses and individuals
