Social - Chapter 6

Question 1

Economics

Answer 1

The study of the production, distribution and consumption of goods and services.

Question 2

Factors of Production

Answer 2

The three basic factors of production are land, labour and capital.

Question 3

Privately Owned

Answer 3

Resources and businesses owned and controlled by individuals.

Question 4

Planned/Command Economy

Answer 4

The government owns all of the resources and is responsible for answering the three economic questions. Individuals have little influence on decision-making.

Question 5

Public Good

Answer 5

What is best for society as a whole.

Question 6

Individualism

Answer 6

The belief that the individual is more important than the group.

Question 7

Producers

Answer 7

Those who create and sell products and services.

Question 8

Publicly Owned

Answer 8

When resources and businesses are controlled by the government.

Question 9

Mixed Economy

Answer 9

Individual consumers and the government influence the decision making.

Question 10

Monopoly

Answer 10

Exists when there is one seller of a product or service and there is no competition.

Question 11

Shift left

Answer 11

Supports more government involvement.

Question 12

Market

Answer 12

A place where buyers and sellers meet.

Question 13

Labour

Answer 13

The mental or physical work needed to produce goods and services.

Question 14

Demand

Answer 14

What people want.

Question 15

Entrepreneur

Answer 15

A person who takes risks with their money in hopes of making a profit.

Question 16

Consumers

Answer 16

People who buy and use products and services.

Question 17

Scarcity

Answer 17

Short supply.

Question 18

Shift Right

Answer 18

Less government involvement.

Question 19

Price Equilibrium

Answer 19

Achieved when producers still make a profit and consumers get good quality and a fair price.

Question 20

Competition

Answer 20

A rivalry among producers to sell products to consumers.

Question 21

Land

Answer 21

A factor of production that consists of all the materials found in the natural environment.

Question 22

Capital

Answer 22

A fancy word for money, or assets.

Question 23

The Three Basic Economic Questions

Answer 23

What will be produced? How will it be produced? Who will produce it?

Question 24

Economic Systems

Answer 24

The way a society organizes the production, distribution and consumption of goods.

Question 25

Collective Bargaining

Answer 25

Negotiating as a group,

Question 26

Labour Union

Answer 26

An organization of workers to protect their rights and interests.

Question 27

Crown Corporations

Answer 27

A company owned by Canada’s government.

Question 28

Market Economy

Answer 28

Resources are privately owned and individuals have more say.