Social Vocab Words 1-18 Flashcards

1
Q

collective bargaining

A

negotiating as a group

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

competition

A

in economics, rivalry among producers to sell products to consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

consumers

A

those who use products and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

demand

A

the wants and needs of consumers for products and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

economic system

A

the way a society organizes the production, distribution and consumption of goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

economics

A

the study of of the production, distribution and consumption of goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

economy

A

the resources and processes involved in the production, distribution and consumption of goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

labour union

A

an organization of workers that acts to protect worker’s rights and interests

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

privately owned

A

in economics, the part of the economy owned and controlled by businesses and individuals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

producers

A

those who create products and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

public good

A

what’s best for society as a whole

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

publicly owned

A

in economics, the part of the economy owned and controlled by government and paid for by taxes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

scarcity

A

in economics, the idea that land (materials), labour and capital (money) limit the supply of what people want and need

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

shift left

A

a shift on the economic continuum towards more government involvement in the economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

shift right

A

a shift on the economic continuum towards less government involvement in the economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

strike

A

a cessation of work by workers

17
Q

supply

A

the products and services created by producers

18
Q

unemployment rate

A

the percentage of the workforce that does not have jobs