Chapter 6 Vocab Flashcards
Economics
The study of the production, distribution, and consumption of goods and services
Economic Systems
How a society organizes the production, distribution, and consumption of goods and services
Economy
the resources and processes involved in the production, distribution, and consumption of goods and services
Scarcity
In economics, the idea that land (materials), labour and capital (money) limit the supply of what people want and need
Privately Owned
In economics, the part of the economy owned and controlled by businesses and individuals
Publicly Owned
In economics, the part of the economy owned and controlled by the government and paid for by taxes
Public Good
What’s best for society as a whole
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.
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
Consumers
Those who use products and services
Demands
The wants and needs of consumers for products and services
Producers
Those who create products and services
Supply
The products and services created by producers
Competition
In economics, rivalry among producers to sell products to consumers
Unemployment Rate
The percentage of the workforce that does not have jobs
