Vocab Words #6 Flashcards
Collective bargaining
Negotiating as a group
Competition
In economics, rivalry among products to sell products to consumers
Consumers
Those who use products and services
Demand
The wants and needs of consumers for products and services
Economic system
The way a society organizes the production, distribution and consumption of goods and services
Economics
The study of production, distribution and consumption of goods and services
Economy
The resources and processes involved in the prodycyion distribution and consumption of goods and services
Labour Union
And organization of workers that acts to protect workers rights and interests
Privately owned
In economics the part of the economy owned and controlled by businesses and individuals
Producers
Those who create products and services
Public good
What’s best for the society as a whole
Publicity owned
In economics the part of the government owned by and controlled by government and paid for by taxes
Scarcity
In economics the idea that land (materials) labour and capital (money) limit the supply of what ppl want and need
Shift left
A shift on the economic continuum towards more government involvement in the economy
Shift right
A shift on the economic continuum towards less government involvement in the economy
