chapter 6 ss9

• Economics


  The study of the production, distribution, and consumption of goods and services
• Scarcity


  In economics, the idea that land (material), labour, and capital (money) limit the supply of what people want/need
• Publicly owned


  In economics, the part of the economy owned and controlled by government and paid for by taxes
• Collective


  A group of people who share a common belief/issue
• Supply


  The products and services created by producers
• Competition


  In economics, the rivalry among producers to sell products to consumers
• Strike


  A cessation of work by workers. Strike pressures employers to respond to issues that concern workers
• Economic systems


  How a society organises the production, distribution and consumption of goods and services
• Land


  Land is not only the space needed to produce, but also the natural resources in the land (oil, minerals, water, trees, etc.)
• The economy is failing


  More government involvement happens
• Cooperation


  The process of working together to the same end
• Demand


  The wants and needs of consumers for products and services
• Monopoly


  A monopoly occurs when one producer controls all the supply of a product or service
• Minimum wage


  The minimum that companies must pay their workers
• Mixed economy

  A mix of market and planned economy. Socialist, Canada
• Labour

  The physical and mental effort needed to produce goods and services
• The economy is prospering

  Less government involvement happens
• Shift on the economic continuum

  Shift left is towards more government involvement, shift right is towards less government involvement
• Equilibrium

  A state of balance between opposing forces or actions that is either static or dynamic
• Pension

  A fund which people contribute to their working career to support their retirement
• Collective bargaining

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

  economy where individuals have more control over what is being produced and who gets it (usa)
• Capital

  The money people own or borrow, plus investments in buildings and machinery
• Public good

  What's best for society as a whole
• Consumer


  Those who use products and services
• CBC

  The Canadian Broadcasting Corporation, it's also a crown corporation
• Planned economy

  Government has full control over resources & everything? Communism, North Korea
• Privately owned

  In economics, the part of the economy owned and controlled by business and individuals
• Individualism


  The habit or principle of being independent and self-reliant
• Crown corporation

  a company owned by the Canadian government used to provide products and services
• Producer

  Those who create products and services
• Labour unions

  An organization of workers that acts to protect workers' rights and interests
• what are the 4 phases of the business cycle?

  depression, recovery, prosperity, and recession
• what is the founding principle of the USA?Founding Principle: life, liberty, and the pursuit of happiness
• what is the founding principle of the USA?

  life, liberty, and the pursuit of happiness
• who was Franklin Roosevelt?

  he was president during the great depression, and he shifted left
• who was Ronald Reagan?


  he was the US president during the 1980s, he shifted right.
• who was Lester Pearson?


  he was the Canadian Prime Minister during the 1960s, he shifted left.
• who was Brian Mulroney?


  he was the Canadian Prime Minister during the 1980s, he shifted right.
• what is deregulation?

  the selling of government owned businesses to private companies