Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
20 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
Economy |
Resources & process involved in the producing distributing & consuming of goods & services |
|
|
|
Economics |
Study of the economy |
|
|
|
Economic system |
The way a society organize ls their economy |
|
|
|
Scarcity |
High demand, low supply |
|
|
|
Want |
Something to wish to have |
|
|
|
Need |
Something essential to your survival |
|
|
|
Land |
All the material found in the environment to produce goods, May also include where the building of production is & Whether or not the materials are renewable |
|
|
|
Labor |
The effort put forth to produce a good or service & may look at qualifications of workers |
|
|
|
Capital |
The money People borrow money to purchase equipment & tools to produce a product & the money made from selling the product or service |
|
|
|
Privately owned |
Businesses where decisions are made by the individual in charge of the business |
|
|
|
Publicly owned |
Businesses where decisions are made by the government |
|
|
|
3 types of economic systems |
Planned - full government involvement Mixed - some government involvement Market - No government involvement |
|
|
|
Public good |
What is best for everyone, taking into consideration everyone's needs |
|
|
|
Individualism |
Taking care of one's best interest first |
|
|
|
Canada's economy |
Cooperation & decisions Mixed - private and public Free/public health care, pensions for seniors |
|
|
|
USA'S economy |
Market - Individualism in decision making |
|
|
|
Supply, demand, consumer, producer |
Supply - Products & services created by producers Demand - Wants and needs of products & services Consumer - the people who use products and services Producer - those who create products or services |
|
|
|
Competition |
Companies who sell more products to customers compared to another business Includes - lowering prices, advertising, customer service, economic incentives |
|
|
|
Monopoly |
Company controls market with their product & has no competition |
Opposite of competition |
|
|
Protecting consumers |
Label info, warnings/hazards, limiting costs |
|
