Vocab Flashcards
Economics
The study of the production, distribution and consumption of goods and services
Economic systems
How a society organizes the production, distribution and consumption of goods and services
Economy
The resources and processes involved in the production, distribution an consumption of goods and services
Scarcity
The idea that materials, labour and capital limit supply of what people want and need
Privately owned
The part of the economy owned and controlled by individuals and businesses
Publicly owned
The part of the economy owned and controlled by the government and paid for by taxes
Planned economy
an economic system where a government body makes economic decisions regarding the production and distribution of goods.
Mixed economy
an economic system combining private and public enterprise.
Market economy
an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
Public good
Whats best for society as a whole
Cooperation
Working together, an important tool for counteracting monopolies
Individualism
each individual should be allowed autonomy in making his or her own economic decisions as opposed to those decisions being made by the community, the corporation or the state for him or her.
Shift left
A shift on the economic continuum towards more government involvement in the economy. Taking a more liberal position
Shift right
A shift on the economic continuum towards less government involvement in the economy
Crown corperation
public sector organizations established and funded by the B.C. government to provide specialized goods and services to citizen
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
Law of supply
an increase in the price of goods or services results in an increase in their supply
Law of demand
when the price of a product goes up, the quantity demanded will go down – and vice versa
Law of supply and demand
the theory that prices are determined by the relationship between supply and demand
Equilibrium
a condition or state in which economic forces are balanced
Competition
Rivalry among producers to sell products to consumers
Canadian economy
Highly developed mixed economy
U.S economy
Highly developed mixed economy
Unemployment rate
measures the share of workers in the labor force who do not currently have a job but are actively looking for work
Strike
A cessation of work by workers. Strikes pressure employers to respond to issues that concern workers
Collective bargaining
Negotiating as a group. Collective bargaining is the key right established by unions for workers
Labour union 36
a group of two or more employees who join together to advance common interests such as wages, benefits, schedules and other employment terms and conditions
