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41 Cards in this Set
- Front
- Back
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Economy
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A system of production, distribution and consumption of goods and services.
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Economics
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The study of problems that arise from Scarcity.
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Scarcity (Important!)
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The concept that there are unlimited wants/demands and limited resources.
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Land
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Refers to all of the natural resources used to create goods/services.
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Labour
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Refers to all human effort used to create goods/services.
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Capital
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Refers to all of the tools used to transform land into sellable goods or services.
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Privately owned
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1) When a company is owned/operated by entrepreneurs.
2) A company whose stocks are not publicly traded on a stock board. |
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Publicly owned
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1) When a company is owned/operated by the government
2) A company whose stocks are traded on a major stock board. |
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Planned economy
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An economy in which all decisions are made by the government. Also called a command economy or socialism. An example is Cuba.
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Mixed economy
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An economy with some government control and some free choice. An example is Canada and most major economies in the world.
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Market economy
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An economy where all decisions are made by the people. The best system. Also known as Free Market or Capitalism. An example is the U.S., although technically they are not compeletely free-market.
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Public Good
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The choice that benefits the most people.
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Crown Corporation
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A government owned/operated business (IN CANADA), often to deliver services the government feels is necessary.
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Supply
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The amount of something that is available for purchase/consumption.
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Demand
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The amount of something that people want.
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Competition
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Refers to businesses competing for profit. Usually happens when businesses produce a similar/identical good/service.
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Monopoly
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When one business has complete control over an entire industry.
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Equilibrium
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When supply, demand and price are the same. Has never happened and probably never will.
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Consumer
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A person who uses or purchases goods and services.
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Consumerism
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Theory that the more we spend, the better it is for the economy.
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Grant
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Financial assistance given to a company/individual by the government
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Labour Union
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An organization of workers that acts to protects worker rights.
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Strike
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Stoppage of work by workers. Pressures employers to respond to workers needs.
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Boycott
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Refusing to do business with a company due to personal/moral reasons.
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Collective barganing
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Negotiating as one group.
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Sector
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A group that forms a part of the economy. An example is the energy/oil sector.
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Marketing
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The process of promoting/selling a product or service
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Media
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Tools used to distribute information to a large audience
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Recession
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A period of economic decline. Less consumerism, fewer jobs, more poverty.
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Economic Prosperity
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A period of economic growth. More consumerism, more jobs, less poverty
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Good
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A tangible type of product. It is ownable.
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Service
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Any intangible economic activity.
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Entrepreneurship
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Someone starting their own business.
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Tangible/Intangible
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Touchable/Not touchable. Refers to a physical thing.
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Enterprise
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The combination of Land, Labour and Capital.
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What happens to price and supply when demand goes up?
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Cost goes up and supply goes down
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What kind of economy does Canada have?
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A mixed economy
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Name the three different types of economies
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Socialism, Mixed, Capitalism
Centrally Planned, Mixed, Free Market Control, Mixed, Market |
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Name a country with a socialist economic system.
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Sweden, UK, Germany,France
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What are the advantages of a planned economy?
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The economy operates smoothly due to total government control, no business’ that go under
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What is the advantage of a free market?
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More individual wealth, better quality of goods, lower prices of goods, more entrepreneurship.
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