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.
