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ECON
| Question | Answer |
|---|---|
| What is economics? | The study of production, distribution and consumption of goods and services |
| What is an economic system? | The way a society organizes the way they produce, distribute and consume goods and services |
| What are the 3 + 1 factors of production? | Land- all materials found in the environment Labour- physical and mental work Capitol- Money or material things that are worth money Entrepreneurship (taking risks to receive a profit) |
| What is scarcity? | When there is unlimited wants and limited resources |
| What does Privately Owned mean? | The part of the economy that is owned and controlled by businesses and individuals |
| Publicly Owned? | The part of the economy owned and controlled by the government and paid for by taxes |
| What is the public good? | What is best for society as a whole |
| What is cooperation? | Working together to fain a result |
| Individualism? | Working independently to gain a result for yourself or a group |
| Shift Left? | Means taking a more liberal position. In economics, you are moving towards a more government involved society |
| Shift right? | means taking a more conservative position. In economics, you are moving towards less government involvement |
| Crown Corporation? | A company owned by the Canadian government. Usually it is looked upon as an essential service for Canadians |
| Consumers? | Those who use products and services |
| Demand? | The wants and needs of consumers for products and services |
| Supply? | The products and services created by producers |
| Producers? | Those who create products and services |
| Equilibrium? | A stable point where supply and demand are equal (both producers and consumers are happy) |
| Competition? | A rivalry among producers to sell products to consumers |
| What 3 questions do societies ask themselves to best distribute resources? | -What will be produced -How will it be produced -Who will receive it |
| Depending on the answers of those questions, an economic system is formed within that society. The 3 different economic systems they can be are: | -PLANNED ECONOMY -MIXED ECONOMY -MARKET ECONOMY |
| What is a planned economy? | Where resources are publicly owned and all decision making is made by the government (shift left) |
| what is a market economy? | Where resources are privately owned and decisions are made by individual producers and consumers (shift right) |
| What is a mixed economy? | Where resources are both publicly and privately owns, and decisions are made both by the government and individuals |
| Will the government ever get involved in a market economy? | Sometimes, to regulate safety, protect employees, inform consumers of risks and ensure good practise |
| What is price fixing? | When several producers bond together to increase cost and eliminate competition (illegal) |
| What you buy reflects: | -What you value -What is available |
| When DEMAND goes up: | SUPPLY: DOWN PRICE: UP |
| When PRICE goes up: | DEMAND: DOWN SUPPLY: UP |
| When SUPPLY goes up | PRICE: DOWN DEMAND: UP |
| What is a recession/bust? | When consumers spending decreases, factory production also decreases and causes unemployment. The increased unemployment makes consumer spending even scarcer because they don't have money to spend, resulting in an economic decline |
| What is the indication of the lowest recession point? | when unemployment is at its highest and market prices are at it lowest |
| What is a prosperity/boom? | When most people are employed, which results in them spending the money they earn which drives the economy and keeps it strong. This period with undergo inflation as producers hike up the prices |
| What is a depression? | A depression is very much like a recession, except its 100x worse. It lasts way longer and more severe. Hardly anyone has jobs so there is hardly and money being exchanged on the market. (VERY BAD) |
| What is a recovery? | When people start to spend more money, producers start to create more goods, which creates jobs, which creates more spending. |
| What is consumer sovereignty? | When the consumer ultimately decides what will be produced with the resources available in the society. |
| On the flow chart, what is on the first 2 boxes? | Unlimited wants and Limited resources |
| What are the following 3 boxes that go down in a row? | Scarcity, Social Choices, Economic Decisions |
| What do the bottom 3 say? (the 3 economic questions) | -What goods and services should be produced -How should the goods and services be produced -Who should get the goods and services produced |
Created by:
XioJohnson
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