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
