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Economics Notes
Notes on economics in civics class for Grade 11.
| Question | Answer |
|---|---|
| What is a market economy? | An economic system where individuals have choice in what or how they make, distribute, purchase, and consume. They can own factors in production. |
| What economy does the US base himself on? | He's based on a market economy. |
| What are the 2 aspects of market economies called? | Free enterprise and capitalism. |
| What is free enterprise? | A system where individuals in a market economy are free to interact with the economy however they want with little hassle from the government. |
| What is capitalism? | A system where individuals make their own choices about how to use their own capital (Stuff and resources including money) to make or provide goods or services. |
| Why does the US not have a 100% market economy? | Because the government can regulate certain actions such as those that can harm others or property. |
| What is a command economy? | An economic system where the government or authority owns and/or controls factors of production and makes decisions such as how or what gets produced or served or who gets what jobs. |
| What is a blended or mix economy? | An economy that is a mix of command and market economies. |
| What are the 5 economic freedoms? | The freedom to buy and sell, the freedom to compete, the freedom to earn a profit, the right to ownership, and the freedom to pursue any career you wish. |
| What is inflation? | A general rise in the price of goods and services and thus reduces the power money has |
| What can cause inflation? | An increased demand for goods and services |
| How does the Federal Reserve try to reduce inflation? | They will try to reduce loans to decrease demand by increasing interest rates to discourage people from taking out too many loans |
| What is recession? | A slowdown in economic activity and production which can lead to decreased demand for goods and services |
| How does the Federal Reserve try to reduce recession? | By reducing interest rates to encourage demand |
| What is wage? | Hourly payments where you get more money based on more work |
| What is salary? | Fixed payment at regular intervals where your payment is not cut based on working less and you get paid the same amount every time based on dividing the final amount by the frequency of payments. |
| What is commission? | Payment given to a vendor directly from a customer buying something from each unit sold. |
| What is piecework? | Payment for each unit of a product made |
| What is a bonus payment? | Additional money or rewards given for excellent work |
| What are fringe benefits? | Indirect payments for work such as paid health insurance, vacations, and retirement plans |
| What is a labour union? | An organisation of workers that seek to improve conditions like wages and working conditions to protect workers' rights in a job place. |
| What is collective bargening? | When representatives of labour unions try to reach an agreement with businesses about the current status to come to an agreement that applies to everyone about how wages and working conditions will change. |
| What is a boycott? | When a union calls for members to refuse to buy an employer's products or services |
| What is a strike? | A more public attack against a business where workers refuse to work until demands are met |
| What is a company lockout? | When a business closes itself to prevent workers from working until demands are met |
| What is a scab? | A non-union replacement worker hired by a company to compensate for the strike |
| What is insurance? | A plan by which a company provides protection from the cost of an incident to someone or their property such as injury, damage, or loss |
| What is liquidity? | How quickly and easily you can turn savings into extra cashs |
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CommsMKSoz
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