Economics

• Scarcity


  Limited supply of resources
• Resources


  • Land
  • Labor
  • Capital
• Land


  Using natural resources for goods and services
• Labor


  The amount of workers needed to produce a good or service
• Capital


  Money used to produce goods and services
• Planned Economy


  • Government makes all decisions
  • Government owns and manages resources
  • Resources are publicly owned
• Mixed Economy


  • Government has some control, private businesses have some as well
  • Government and businesses own and manage resources
  • Some resources are privately owned and some are publicly owned
• Market Economy


  • Private businesses make all the decisions
  • Private businesses own and manage the resources
  • Resources are privately owned
• Public Good and Cooperation

  Everyone must think of each other to decide what is best for society
• Public Good and Individualism

  Everyone must only worry about themselves and that is what will be best for society
• Shift Left


  More government involvement (a decision usually made by the Liberals)
• Shift Right


  Less government involvement (a decision usually made by the Conservatives)
• Competition


  Rivalry between businesses to sell goods and services
• Monopoly


  A situation where there is a single supplier in a market (no competition, they control the price)
• Strike


  When job employees refuse to work (or to only perform partial work duties) with the intention that their employer will respond to their concerns
• Why strikes happen


  • Workers are unsatisfied with their work contract or when their rights are violated on the job
• How strikes affect quality of life

  • Low wages, long hours, no/less frequent breaks, poor working environment
• Perspective of strikes


  From the employee perspective
• Labor Union


  An organization of workers that acts to protect workers' rights and interests
• How labor unions affect collective bargaining

  • They have the right to negotiate and protect workers on the job
• Factors affecting wages and working conditions of workers

  • Employer
  • Working contract
  • Labor Unions
• Employers provide jobs for workers


  Workers provide employers with labor
• Why employers and unions need to bargain with each other

  • To ensure they are all on the same page. If employees are not happy or satisfied, they may quit. This can result in labor shortages for the employer.