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Social 9 > Chapter 6: Economics > Flashcards

Chapter 6: Economics Flashcards

1
Q

Economics

A
  • The study of the production, distribution, and consumption of resources
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2
Q

Economic System

A

The way a society organizes the production, distribution and consumption of resources

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3
Q

Economy

A
  • The resources and processes involved In the production, distribution, and consumption of goods
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4
Q

Resources

A
  • Money, labour, and materials need to supply what people want and need
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5
Q

Scarcity

A
  • When resources are limited
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6
Q

What factors create scarcity?

A

Factors of Production

  1. Land
  2. Labour
  3. Capital
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7
Q

Land

A
  • Useable land and natural resources
    Ex. renewable resources (fruit, trees)
    non renewable resources (oil, gold)
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8
Q

Labour

A
  • Physical and mental effort needed to produce goods and services
    Ex. farmers produce food, servers wait tables
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9
Q

Capital

A
  • Money available to invest in business and ideas
    Ex. a loan is needed to buy a house
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10
Q

What are the three basic questions of economics?

A
  1. What goods and services should be made?
    2, How will these goods and services be made
  2. Who will get these goods and services
  • Revolve around the problem of scarcity
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11
Q

Market Economy

A
  • Individuals make their own decisions with little help from the government
  • Resources are controlled by private companies
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12
Q

How does a market economy solve scarcity?

A
  • Law of Supply and Demand
  • When the supply of a good decreases, the price increases and the demand decreases
  • Allows government to find alternatives resources for that good or service
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13
Q

Mixed Economy

A
  • Where both government and businesses/individuals play a role in economy
  • Resources owned by private and publics sectors
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14
Q

How does a mixed economy solve scarcity?

A
  • Same solutions of market economy apply to mixed economy
  • Government takes care of healthcare, funding for arts etc. to help citizens
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15
Q

Planned Economy

A
  • Government makes all decisions about how to solve scarcity
  • Owns all resources needed to produce materials
  • Consumers have little influence on economy
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16
Q

Privately Owned

A
  • Controlled/owned by businesses and individuals
17
Q

Publicly Owned

A
  • Owned and controlled by the government and paid for by taxes
18
Q

Public Good

A
  • Whats best for society as a whole
19
Q

Public Good and Cooperation

A
  • Individuals consider each other and set aside their individuals interests to achieve what’s best for society
  • Values equity
  • Recognizes other peoples need and circumstance
  • Worldview
20
Q

Public Good and Individualism

A
  • Whats best for everyone indviually adds up to what’s best for society
  • Values individual creativity and independence
  • Worldview
21
Q

Canada’s Economy

A
  • Mixed economy
  • Publicly funded social systems
  • Government supports Canadian arts and culture
  • Government will get involved when protecting consumers, environment and Canadian culture
22
Q

U.S Economy

A
  • Market economy
  • Founding priceable reflects individualism (connects from America’s fight to separate from Britain)
  • Economic position shifts based on political party in power
23
Q

Shift Left

A
  • Shift towards a more planned economy
  • More government involvement
  • Usually a liberal stance
    Ex. taxes are raised
24
Q

Shift Right

A
  • Shift towards a more market economy
  • Less government involvement
  • Usually a conservative stance
    Ex. taxes are reduced
25
Q

Crown Coperation

A
  • Company owned by Canada’s government
  • Provides goods and services to Canadians
    Ex. Petro Canada
26
Q

Why did Canada’s government create essential services?

A
  • To provide essential services
  • To promote economic development
  • To support Canadian culture and identity
27
Q

Consumers

A
  • People who buy products and services
28
Q

Demand

A
  • The wants and needs of consumers for products and services
29
Q

Producers

A
  • People who create goods and services
30
Q

Supply

A
  • The products and services created by producers
31
Q

Law of Supply and Demand

A

Supply goes up
Price goes down
Demand goes up

Supply goes down
Price goes up
Demand goes down

32
Q

Competition

A
  • The fight between producers to sell products to consumers
33
Q

Monopoly

A
  • When sectors in an economy are controlled by a single company, which then has total control over price, availability and choice
34
Q

Why would governments intervene in free market economies?

A
  • To break up monopolies and create competition
  • To help consumers
    (fix unfair prices or force producers to supply information on a product)
  • To encourage good behaviors and discourage bad behaviours
    Ex. heavy taxes on cigarettes
35
Q

Unemployment Rate

A
  • The percentage of the workforce that is unenployed
36
Q

Strike

A
  • When workers stop working as a form of protest
  • Strikes pressure employers to respond to issues that concern workers
37
Q

Labour Unions

A
  • An organization of workers that acts to protect workers rights and interests
38
Q

Collective Bargaining

A
  • Negotiating as a group
  • Key right for workers established by unions
39
Q

Collusion

A
  • A secret/illegal operation or conspiracy

Social 9 (11 decks)

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