Chapter 6: Economics

Front 1

Economy

Back 1

A system of production, distribution and consumption of goods and services. Usually referring to a country.

Front 2

Econimics

Back 2

The study of problems that arise from scarcity.

Front 3

Scarcity*

Back 3

The concept that there are limited resources to satisfy unlimited wants and desires

Front 4

Land

Back 4

Any natural resource used to create a good

Front 5

Labour

Back 5

Any natural resource used to create a good

Front 6

Capital

Back 6

Any tool, machine, or technology used to create a good

Front 7

Privately owned

Back 7

Also called "private enterprise" -buisness owned by private groups or entrepreneurs (Lululemon or Nike)

Front 8

Publicly owned

Back 8

Also called public "enterprise" -buisnesses owned/operated by the government (Crown Corporations)

Front 9

Planned Economy

Back 9

An economy where all of the decisions are made by the government

Front 10

Mixed Economy

Back 10

An economy that has some private ownership and some government control (Canada)

Front 11

Market Economy

Back 11

An economy whose goal is no government intervention -allow the forces of supply & demands to rule

Front 12

Public Good

Back 12

The choice that benefits the most people

Front 13

Crown Corporation

Back 13

In Canada, a government owned buisness, providing key services or protecting Canada's culture

Front 14

Supply

Back 14

The amount of something available for purchase of consumption

Front 15

Demand

Back 15

The amount of something that consumers want or desire

Front 16

Competition

Back 16

The act of competing for profit. Often occurs when two companies produce the same product

Front 17

Monopoly

Back 17

A situation with only one seller of a product dominating the industry

Front 18

Equilibrium

Back 18

When the supply available matches the demand for a product and price remains the same

Front 19

Consumer

Back 19

A person who uses or purchases goods or services

Front 20

Consumerism

Back 20

The theory that the more people shop and buy, the better it is for the economy

Front 21

Grants

Back 21

Money given to a buisness by the government

Front 22

Labour Union

Back 22

An organizaton of workers that acts to protect workers' rights and interests

Front 23

Strike

Back 23

A cessation of work by workers. Strikes pressure employers to respond to issues that concern workers

Front 24

Boycott

Back 24

Refusing to do buisness with a particular company due to personal or moral reasons

Front 25

Collective Bargaining

Back 25

Negotiating as a group. Collective bargaining is the key right established by unions for workers

Front 26

Sector

Back 26

An area of the economy (Oil Sector)

Front 27

Marketing

Back 27

The process of promoting or selling a product

Front 28

Media

Back 28

Tools used to distribute information to a mass market

Front 29

Recession

Back 29

A decline in economic activity (Less shopping=Fewer jobs=Less wealth)

Front 30

Economic growth (prosperity)

Back 30

An increase in economic activity (More shopping=More jobs=More wealth)

Front 31

Goods

Back 31

A physical product that is tangible that can be owned

Front 32

Services

Back 32

A type of economic activity that is intangible

Front 33

Entrepreneurship

Back 33

To create a business and assume the risk for that business

Front 34

What are the three economic questions

Back 34

1. What will i produce
2. How will i produce it
3. Who will i produce it for

Front 35

What are the three types of economies?

Back 35

1. Planned Economy
2. Mixed Economy
3. Market Economy

Front 36

What are some examples of factors that affect supply of a good

Back 36

1. Demand
2. Price
3. Scarcity of resource
4. transportation

Front 37

List 3 basic needs for all people

Back 37

1. Food
2. Clothing
3. Shelter

Front 38

What is an individual want?

Back 38

Things that we would like to have for ourselves

Front 39

What is a collective want?

Back 39

Things wanted as a community as a whole

Front 40

Why isn't money classifies as "capital" in economics?

Back 40

Because money is a concept and not a physical tool

Front 41

How is a country's wealth measured?

Back 41

By it's land, labour & capital and it's ability to satisfy people's wants

Front 42

Why is the USA still viewed as the richest country in the world?

Back 42

Because it has the most land, labour, and capital

Front 43

What is "opportunity cost"?

Back 43

What you give up to satisfy your wants