Social Vocab Words 1-18 Flashcards
collective bargaining
negotiating as a group
competition
in economics, rivalry among producers to sell products to consumers
consumers
those who use products and services
demand
the wants and needs of consumers for products and services
economic system
the way a society organizes the production, distribution and consumption of goods and services
economics
the study of of 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
labour union
an organization of workers that acts to protect worker’s rights and interests
privately owned
in economics, the part of the economy owned and controlled by businesses and individuals
producers
those who create products and services
public good
what’s best for society as a whole
publicly owned
in economics, the part of the economy owned and controlled by government and paid for by taxes
scarcity
in economics, the idea that land (materials), labour and capital (money) limit the supply of what people want and need
shift left
a shift on the economic continuum towards more government involvement in the economy
shift right
a shift on the economic continuum towards less government involvement in the economy
