Economy Definitions : Chapter 6

Economy-the resources and processes involved in the production, distribution and consumption of goods and services.
ex.) job opportunities, stock market




Economic System-how a society organizes the production, distribution and consumption of goods and services.
ex.) Market Economy, Planned Economy, and Mixed Economy.


Scarcity-in economics, the idea the land (materials), labour and capital (money) limit the supply of what people want and need.
ex.) people of a certain place who need a certain products such as construction workers needing tools.




Land-The part of the earth's surface that is not covered by water, as opposed to the sea or the air
ex.) Canada is an example of land.




Labour- a social class comprising those who do manual labour or work for wages.
ex.) nurses labour union who are working for pay.




Capital-The most important city or town of a country or region, usually its seat of government.
ex.) Ottawa, Canada has the most important government systems in Canada.



Privately Owned- in economics, the part of the economy owned and controlled  by businesses and individuals
ex.) a privately owned business that is not payed for by the public .Their stock is not payed for by the public.



Publicly Owned-in economics, the part of the economy owned and controlled by the government and payed for by taxes.
ex.) government commercials on TV that are payed for by our taxes and the government itself.




Public Good- whats best for society as a whole
ex.) a park for a town.




Shift left- a shift on the economic continuum towards more government involvement in the economy. A shift left is usually described as taking a more liberal position.
ex.) when the people vote for liberal and the government is more involved in the economy.



Shift Right- a shift on the economic continuum towards less government involvements in the economy. A shift right usually describes as taking a more conservative position.
ex.) when the people vote for conservative and the government is less involves with the economy.




Consumers-those who use products and services
ex.) people who shop at a grocery store.



Producers-those who create products and services.
ex.) people who work at a grocery store.



Supply -the products and services created by producers.
ex.) apples for a grocery store.




Demand- the wants and needs of consumers for products and services.
ex.) people who shop at a store want more variety of items there.




Competition-in economics, rivalry among producers to sell products to consumers.
ex.) coca-cola and Pepsi have a rivalry to sell to consumers.



Unemployment Rate- the percentage of the workforce that does not have jobs.
ex.) homeless people who don't have jobs




Strike- a cessation of work by workers. Strikes pressure the employers to respond to issues that concern workers.
ex.) when the post office goes on strike to get more benefits for the employees.



Collective Bargaining-negotiating as a group. Collective bargaining is the key right established by unions for workers.
ex.) when you are buying a car u bargain to try and get the price lowered.



Labour Union-an organization of workers that acts to protect workers' rights and interests.
ex.) nurse labour union.

Vocabulary Chapter 5

Immigration- the process of people establishing homes, and often citizenship, in  a country that is not their native country.
ex. When people come from a different country to Canada in seek of safety.


Demographic- to do with the characteristics of populations.
ex. Statistic characteristics of a population somewhere.







Labour Force Growth- the growth of the "labour force," or the number of people who can work.
ex. People from a different country coming to Canada to work at the oil sands.





Refugee- a person who seeks refuge in another country because of danger or persecution in there home country.
ex. A person who travels to Canada from their country in seek of a better life because their country is dangerous.






Quebec Accord- is a legal agreement concerning immigration issues between the federal government of Canada and the Province of Quebec.
ex. An agreement with the government and Quebec that only Quebec can try to find french immigrants.

Current Event

Who: Sheila Nabb 37 years old

What: She was severely beaten in an elevator while in Mexico.

Where: At five-star Hotel Riu where she and her husband were vacationing.

Why: A man and her were chatting and the man, Jose Ramon Acosta Quintero, was drunk and wanted to keep talking so he blocked the door and  when she started to scream, he panicked and hit her. He denies trying to kill her.

How it impacts Canada: It impacts Canada because people like him could be anywhere at anytime including Canada and the makes the safety of the public in danger.

How it impacts my life: Its scary because I could travel to Mexico and that could happen to me or one of my loved ones.

Affirm- state as a fact; assert strongly and publicly.

Collective Identity- the shared identity of a group of people, especially because of a common language and culture.

Collective Rights- rights guaranteed to specific groups in Canadian society for historical and constitutional reasons.

First Nations - the umbrella name for the diverse Aboriginal peoples who have collective rights that are recognised and protected in Canada's constitution. The constitution refers to First Nations as "Indians" in keeping with the name used at the time of negotiating Treaties.

Sovereignty- independence as a people, with a right to self government.

Annuity- an annual payment.

Official Language Minority- speaking an official language, but living in a place where the other language is more commonly spoken.



Anglophone- a person whose first language is English.


Francophone- a person whose first language is French.



Assimilate- become part of a different cultural group.

Entrench (ed) - fixing firmly within.

Indian- Europeans used the word Indian to describe the First Nations of North America, although these people were diverse and had names for themselves. Many First Nations prefer not to use the word"Indian" to describe themselves.

Reserves- land for the exclusive use of First Nations.


Autonomy - authority to make decisions.

Land Claims - Land claims are a legal declaration of desired control over areas of property including bodies of water

Settlement -An official agreement intended to resolve a dispute or conflict

Collective- done by people acting as a group.


Ethnocentrism - the belief that ones culture is superior to all other cultures.

Official Language Community - one of the groups of Canadian society whose members speak an official language of Canada. (French or English).

Publicly Funded - paid for by taxes and provided by the government.

Scrip  - In Metis history, a document that could be exchanged for land and that was offered the Metis at the time in the numbered treaties were negotiated.