Social Chapter 6 Flashcards
Scarcity
the idea that land (materials), labor, and capital (money) limit the supply of what people want and need
Economics
the study of production, distribution, and consumption of goods and services
Economic system
how a society organizes the production, distribution and consumption of goods and services
Economy
the resources and processes involved in the production, distribution, and consumption of goods and services
Privately owned
the part of the economy owned and controlled by businesses and individuals
Publicly owned
the part of the economy owned and controlled by government and paid for by taxes
Public good
what’s best for society as a whole
Shift left
a shift on the economic continuum towards more government involvement in the economy (more liberal position)
Shift right
a shift on the economic continuum towards less government involvement in the economy (more conservative position)
Individualism
the habit or principle of being independent and self-reliant (every man for himself)
Consumers
those who use products and services
Demand
the wants and needs of consumers for products and services
Producers
those who create products and services
Supply
the products and services created by producers
Competition
rivalry among producers to sell products to consumers
