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17 Cards in this Set
- Front
- Back
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Scarcity |
Anything that is available only in a limited supply. |
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Capital Resource |
Manufactured items that are used to produce goods and services. |
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Free-Market Approach |
A situation in which resources are privately owned by individuals and businesses. |
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Opportunity Costs |
Represent the value of the best possible alternative that is sacrificed when resources are allocated to a specific use. |
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Production-possibility Curve |
Represent the maximum amount of products that can be produced using all available resources efficiently. |
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Positive Relationship |
An increase in the value of one variable results in an increase in the value of the other. |
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Economics |
The study of how we make decisions about the use of our scarce resources. |
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Technological Improvment |
Shifts the production-possibilities to the right. |
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Inverse Relationship |
A decrease in the value of one variable results in an increase in the value of the other |
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Command Approach |
A situation in which resources are jointly or publicly owned. |
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Resources |
Used to produce goods and services. Land, labour and capital. |
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Direct costs |
The out of pocket expenses that are required to do something. |
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The Law of a Diminishing Returns |
When a fixed resource is combined with increasing amounts of a variable resource, the increases in total output will eventually become smaller and smaller. |
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Mixed Economics |
Combination of Free-Market and Command approaches to economic decision making. |
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Canadian Population |
Now 35.16 millon (2010) 33.9 million |
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Water |
14% of the world's lakes. 9% of the world's river flow. 7% of country is covered with water. Great lakes contain 22,800 cubic km of water. (18% of fw on this planet) 244 000 km of coastline. |
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Trees |
Cover 45% of the land |
