Economy: the resources and processes involved in the production, distribution, and consumption of goods and services.
Ex. Selling products to consumers to make money.
Economic System: How a society organizes the production, distribution, and consumption of goods and services
Ex. People are given jobs that help the economy.
Scarcity: in economics, the idea that land (materials), labour and capital (money) limit the supply of what people want and need.
Ex. There is not alot of ipads to sell.
Land: The part of the earth's surface that is not covered by water, as opposed to the sea or the air.
Ex. Soil you can sell
Labour: A social class compromising those who do manual labour for work wages.
Ex. Jobs
Capital: The most important city or town of a country or region, usually its seat of government.
Ex. Edmonton is the capital of Alberta
Privately Owned: in economics, the part of the economy owned and controlled by businesses and individuals.
Ex. Owning your own store and working for it.
Publically Owned: in economics, the pat of the economy owned and controlled by government and paid for by taxes.
Ex. Roads are paid by taxes by owned and controlled by the government.
Public Good: whats best for the society as a whole.
Ex. Public park
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.Government has more control.
Shift Right: a shift on the economic continuum towards less government involvement in the economy. A shift right is usually described as taking a more conservative position.
Ex. The government has less control.
Consumers: those who use products and services
Ex. I'm a consumer because i use computers.
Producers: those who create products and services.
Ex. Businesses who make computers.
Supply: the products and services created by producers.
Ex. The amount of a product.
Demand: the wants and needs of consumers for products and services
Ex. If lots of people want apples, they are on demand.
Competition: in economics, rivalry among producers to sell products to consumers.
Ex. Costco and walmart are competitng to sell the most product
Unemployment Rate: the percentage of the workforce that does not have jobs.
Ex. The U.S. has a bad unemployment rate because many are without jobs.
Strike: a cessation of work by workers. Strikes pressure employers to respond to issues that concern workers.
Ex. teacher's striking so they get a higher wage.
Collective Bargaining: negotiating as a group. Collective bargaining is the key right established by unions for workers.
Ex.A group of workers bargaining against the head to get things the want or want to improve
Labour Union: An organization of workers that acts to protect workers' rights and interests.
Ex. Nurses union
