Vocab Chap 6 Flashcards
Capital
resources or wealth providing value to its owner
Cooperation
working with others to achieve a common goal
Equilibrium
when supply and demand are balanced (prices remain the same)
Labor
work performed in exchange for money
Publicly Owned
owned and controlled by government (from taxes)
Supply
quantity of good or service
Crown Cooperation
government owned companies
ex: CBC
Public Grants
financial assistance provided by government
Labor Union
group of workers protecting their interests, wages, and working conditions
Collectivism
production and distribution owned by community, state, or collective group(no private owners)
Collective Bargaining
employees/labor union negotiate with management to reach agreement on employment
Competition
rivalry between business in a market to attract costumers
Consumer
purchasing or using goods and services
Demand
quantity of goods or services wanted by consumers
Monopoly
company controls entire supply of good or service with little to no competition
Economics
studies how individuals, businesses, and governments produce, distribute, and consume goods and services
Economic Systems
how societies manage the production, distribution, and consumption of goods and resources (mixed, planned, market)
Economy
where goods and services are produced, distributed, and consumed
Mixed Economy
individuals and government make decisions on production and economics using publicly and privately owned resources
Planned Economy
government makes decisions on how to use publicly owned resources, individual consumers have little affect on economic decisions
Market Economy
individuals drive economics and make decisions on how to use privately owned resources
Incentive
motivates/encourages to make a decision
Initiative
ability to take action in project without being directed to
Individualism
belief that economic decisions and actions should be driven by individuals(not groups or government)
Privately Owned
owned and controlled by private individuals, groups, or corporations
Producer
creates or supplies goods and services to meet consumer demands
Public Good
service no one is excluded from using and doesn’t dimmish availability as more use it
Scarcity
resources are limited but human wants and needs are unlimited
Shifting Economics
Right = increased demand or supply
Left = decreased demand or supply
Strike
stoppage of work, by labor unions, to protest and demand conditions
Values
beliefs and standards guiding economic decisions
Factors of Production
resources used to produce goods and services (land, labor, capital, entrepreneurship)
