The Economy of Canada Flashcards
1
Q
primary industry
A
connected to extracted natura resources
example: lumberjack
2
Q
secondary industry
A
take raw materials produced from primary industries and manufacture goods
example: chef
3
Q
tertiary industry
A
service of the economy or service sector
example: teacher
4
Q
goods
A
products that can be sold
5
Q
supply
A
available amount of product
6
Q
services
A
a system supplying a pubic want or need
7
Q
demand
A
the number of people who want the product
8
Q
law of supply
A
- when price are high, producers of goods and services, usually increase
- when prices are low, producers tend to cut back on production
9
Q
law of demand
A
- when the price of a product or service goes down, demand goes up
- when prices increase demand falls
