Vocab Chap 6

Question 1

Capital

Answer 1

resources or wealth providing value to its owner

Question 2

Cooperation

Answer 2

working with others to achieve a common goal

Question 3

Equilibrium

Answer 3

when supply and demand are balanced (prices remain the same)

Question 4

Labor

Answer 4

work performed in exchange for money

Question 5

Publicly Owned

Answer 5

owned and controlled by government (from taxes)

Question 6

Supply

Answer 6

quantity of good or service

Question 7

Crown Cooperation

Answer 7

government owned companies
ex: CBC

Question 8

Public Grants

Answer 8

financial assistance provided by government

Question 9

Labor Union

Answer 9

group of workers protecting their interests, wages, and working conditions

Question 10

Collectivism

Answer 10

production and distribution owned by community, state, or collective group(no private owners)

Question 11

Collective Bargaining

Answer 11

employees/labor union negotiate with management to reach agreement on employment

Question 12

Competition

Answer 12

rivalry between business in a market to attract costumers

Question 13

Consumer

Answer 13

purchasing or using goods and services

Question 14

Demand

Answer 14

quantity of goods or services wanted by consumers

Question 15

Monopoly

Answer 15

company controls entire supply of good or service with little to no competition

Question 16

Economics

Answer 16

studies how individuals, businesses, and governments produce, distribute, and consume goods and services

Question 17

Economic Systems

Answer 17

how societies manage the production, distribution, and consumption of goods and resources (mixed, planned, market)

Question 18

Economy

Answer 18

where goods and services are produced, distributed, and consumed

Question 19

Mixed Economy

Answer 19

individuals and government make decisions on production and economics using publicly and privately owned resources

Question 20

Planned Economy

Answer 20

government makes decisions on how to use publicly owned resources, individual consumers have little affect on economic decisions

Question 21

Market Economy

Answer 21

individuals drive economics and make decisions on how to use privately owned resources

Question 22

Incentive

Answer 22

motivates/encourages to make a decision

Question 23

Initiative

Answer 23

ability to take action in project without being directed to

Question 24

Individualism

Answer 24

belief that economic decisions and actions should be driven by individuals(not groups or government)

Question 25

Privately Owned

Answer 25

owned and controlled by private individuals, groups, or corporations

Question 26

Producer

Answer 26

creates or supplies goods and services to meet consumer demands

Question 27

Public Good

Answer 27

service no one is excluded from using and doesn't dimmish availability as more use it

Question 28

Scarcity

Answer 28

resources are limited but human wants and needs are unlimited

Question 29

Shifting Economics

Answer 29

Right = increased demand or supply Left = decreased demand or supply

Question 30

Strike

Answer 30

stoppage of work, by labor unions, to protest and demand conditions

Question 31

Values

Answer 31

beliefs and standards guiding economic decisions

Question 32

Factors of Production

Answer 32

resources used to produce goods and services (land, labor, capital, entrepreneurship)