Vocab Flashcards
What is Quality of Life
Personal and Collective Well-Being
What is Scarcity
What People Want is Unlimited But What They Can Have is Limited Because Resources Are Limited, Different Than Poverty
What is A Mixed Economy
A mixed economic system is a system that combines aspects of both capitalism and socialism
What is a Market Economy
A market economy is an economic system where two forces, known as supply and demand, direct the production of goods and services
What is Economics
Economics is the study of how people distribute scarce resources for production, distribution, and consumption, both individually and collectively.
What is an Economic Systems
What is an Economic System? An economic system is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country
What is Economy
An economy is a system of inter-related production and consumption activities that ultimately determine the allocation of resources within a group.
What Does Privately Owned Mean
privately owned is a business that is not owned or controlled by the government.
What is a planned economy
A planned economy can be defined as a type of economic system where financial decisions are made according to government plans.
What is individualism
a social theory favoring freedom of action for individuals over collective or state control
What is a crown corporation
Crown corporations are wholly owned federal or provincial organizations that are structured like private or independent companies
what is demand
demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given time.
what is the law of supply
when supply goes up price goes down and demand goes up
what is the law of demand
when demand goes up price goes up and supply goes down
what is the law of supply and demand
If the supply of a good or service outstrips the demand for it, prices will fall. If demand exceeds supply, prices will rise.
