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Social Studies 9 > Economics > Flashcards

Economics Flashcards

(48 cards)

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1
Q

What is the left in economics?

A

The left tends to MORE government involvement in the economy so EVERYONE can benefit.

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2
Q

What is the right in economics?

A

The right tends to LESS government involvement and promotes INDIVISUAL GOOD.

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3
Q

Supply

A

The amount of goods/services being provided by a producer

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4
Q

Demand

A

How much of a good/service that consumers want to get

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5
Q

Price

A

The cost of a good/service

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6
Q

Quantity

A

the amount of a good or service available at a specific price

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7
Q

Producers

A

Those who produce/supply a good or service

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8
Q

Consumers

A

those who buy/use a good or service

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9
Q

In a planned economy…

A

the government is the primary force answering the problem of scarcity

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10
Q

In a market or mixed economy…

A

indivisuals (buisnesses, corporations, etc), along with other forces, answer the basic problem of scarcity

mixed is a combo of both market & command

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11
Q

More government involvement is a shift to the

A

left (or towards a planned economy)

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12
Q

Less government involvement is a shift to the

A

right (or towards a market/mixed economy)

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13
Q

Monopoly

A

a lack of economic competition to produce the good or service (one company or indivisual in control of a product or service)

a situation where a single seller or producer dominates a particular market

  • Microsoft
  • Google
  • Apple
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14
Q

Competition

A

When there are several producers/suppliers of a good or service in the same market

Rivalry among businesses to sell their products or services.

  • Resturaunts
  • Gas stations
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15
Q

Pros of Competition

A
  • high profits attract more suppliers
  • follows (somewhat) supply and demand cycle
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16
Q

Cons of Competition

A
  • Competition can be high, so there is great pressure to reduce costs amd improve quality
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17
Q

Pros of Monopoly

A
  • High profits
  • No competition, so no pressure to reduce costs or improve quality
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18
Q

Cons of Monopoly

A
  • Barriers to entry exclude new suppliers
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19
Q

Consumerism

A

Encourages the aqusition of goods and services in ever-increasing amounts to support the economy

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20
Q

What are the factors that influence us as consumers and guides our buying?

Study These Flashcards
A
  • Identity/Values
  • Government Influence/Legislation
  • Standard of Living
  • Advertising (producer influence)
  • Societal Pressures (ex. boycotting)
21
Q

When should the government get involved?

Study These Flashcards
A
  • Environmental disasters
  • Saving jobs
  • To protect the environment
  • Consumer protection
  • Labour disputes/disruptions
  • Affordability
22
Q

Factors of Production

Study These Flashcards
A
  • Land
  • Labour
  • Capital
  • Entrepreneurship
23
Q

Boycott

Study These Flashcards
A
  • an organized refusal to interact with a certain group as a punishment
  • not purchasing certain products or a certain company’s products usually because of a conflict of ethics
24
Q

Ethos

Study These Flashcards
A
  • Establishing personal credentials
  • Getting your audience to trust you

ethics

25
Pathos
* inspiring an emotional response * getting your audience to feel | ***pity***
26
Logos
* Arguing based on reason and facts * Getting your audience to think | ***logic***
27
Advertising
Paid, non- personal communication through various media about a product, or idea that is intended to inform or persuade members of a particular audience. ## Footnote * Advertising is a means of bringing buyers and sellers together
28
Comparitive Advertising
* Advertising strategy that emphasizes messages with direct or indirect promotional comparisons between competing brands. * Market leaders **seldom** acknowledge competing brands. ## Footnote ex. pepsi directly includes coca cola in their ads as coca cola is a competing brand. however, since coca cola is a market leader, pepsi doesn't appear in any of coca cola's tv advertisements (with the exclusion of social media).
29
Celebrity Tesimonials
* Use of celebrity spokespeople for products * Can build brand equity but can hurt brand if celebrity is hit by scandal
30
Bandwagon Effect
"Everyone's buying it"
31
Emotional Appeal
connect with fears and desires
32
Glittering Generalities
Big promises
33
Plain Folks Appeal
relates to ordinary people
34
Scientific Appeal
uses stats and/or data | less popular in advertising
35
Media Selection | memorize some, not all! don't worry :)
* Television * Infomercials * Radio * Online * Billboard * In Store * Print (Magazines Newspaper Classified) * Mobile Ads * Celebrity Branding * Corporate Sponsorship * Covert (Product placement Brands)
36
Planned Obsolescence
* “designed for the dump” * Something is designed to break down so that you will have to replace it
37
Perceived Obsolescence
* Where goods/services are intentionally changed simply to drive up demand (not always improving function) * an object may continue to be functional, but it is no longer perceived to be stylish or appropriate and so must be replaced
38
Tax Evasion
Illegal avoidance of paying taxes by deliberately misrepresenting or concealing income | (definition provided by chat gpt)
39
Debt/Credit
Money owed or available for borrowing, often used to facilitate purchases or investments | (definition provided by chat gpt)
40
Taxation
Direct: when taxes are paid directly to the government (or the government takes it themselves) Example: Income taxes are collected right off your paycheck Indirect: when taxes are paid to a third party who then passes it on to the government Example: Sales taxes collected by a business
41
Collective Bargaining
Negotiations between employers and employees, usually facilitated by unions, to determine wages and working conditions | (definition provided by chat gpt)
42
Unions
Associations of workers formed to protect and further their rights and interests | (definition provided by chat gpt)
43
Crown Corporations
Corporations owned by the government to operate commercial enterprises on behalf of the state | (definition provided by chat gpt)
44
Privately owned
assets/companies/corporations owned by indivisuals, **not the government**
45
Publicly owned
assets/companies/corporations owned by the government or state
46
Progressive taxes
the more you earn the higher percentage you pay
47
Flat taxes
Everyone pays the same percentage
48
Consumerism
encourages the acquisition of goods and services in ever-increasing amounts to support the economy

Social Studies 9 (6 decks)

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