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Chapter 2
| Question | Answer |
|---|---|
| Anything that can be used to manufacture goods or services. | Productive Resources |
| Resources(such as land, labour, and capital) that are used to produce goods and services. | Factors of Production |
| A factor of production that includes all natural resources used to produces goods. | Land |
| All natural resources used in production. | Raw Materials |
| A factor of production comprising the physical and mental effort contributed by people to producing goods and services. | Labour |
| The contribution made by an owner, manager, or innovator who organizes land, labour, and capital to produce goods and services. | Entrepreneurship |
| A factor of production that refers to machinery, factories, warehouses, and equipment used to produce goods and services. | Capital |
| A more precise term than capital for the machinery, factories, warehouses, and equipment used to produce goods and services, as distinct from financial capital | Real Capital |
| The funds used to acquire real capital | Money Capital |
| A firm's ability to maximize output from the resources available, usually measured as the firm's output per worker | Productivity |
| Physical resources (such as land and labour)that are necessary for production and are visible. | Tangible Resources |
| Resources that are necessary for production, such as entrepreneurship, knowledge, and an environment for enterprise. | Intangible Resources |
| A society's social values and instiutions, such as stable government, that are favourable to business attempting to produce and sell goods and services. | Environment for Enterprise |
| The increase in market value of a product resulting from additional processing or refinement of that product | Value Added |
| The law, institutions, and common practices that help a nation determine how to use its resources to satisfy as many of its people's needs and wants as possible. | Economic System |
| An economic system in which production decisions are determined by the practices of the past. | Traditional Economy |
| The trading of goods and services without the use of a monetary system; such transactions are common in traditional economies. | Barter |
| An economic system in which production decisions are made by central planners. | Command Economy |
| An economic system in which production decisions are made by the actions of buyers and sellers in the marketplace. | Market Economy |
| A term applied to the private ownership of productive resources, a characteristic of market economices. | Private Enterprise |
| An economic system, such as Canada's, that contains elements of market, command, and traditional systems. | Mixed Economy |
| A canadian term for government-owned land. | Crown Land |
| The growing practice in Canada and other mixed economies of citizens trading one service for another to avoid taxation or to ensure a more personal level of service; illegal transations occuring in the economy that are not recorded in GDP calculation. | Hidden Economy |
| A political system characterized by a freely elected government that represents the majority of its citizens. | Democracy |
| A political system in which a single person exerices absolute authority over an entire nation. | Dictatorship |
| A political system on the extreme left, based upon the theories of Karl Marx, that calls for government or community ownership of the means of production. | Communism |
| A political system of the moderate left that calls for public ownership of the principal means of production, to be achieved in a democratic and peaceful manner. | Socialism |
| Another term for state ownership of business enterprise. | Nationalization |
| An economy characterized by private ownership of business and industry, the profit motive, and free markets. | Capitalism |
| A political system on the extreme right, combining a free-market economy with a non-democratic form of government. | Fascism |
| The total debt held by federal and provincial government accumulated from their past borrowings, on which interest must be paid. | Public Debt |
| An increase in an economy's total production of goods and services. | Economic Growth |
| Direct payments from governments to other governments or to individuals; a mechanism for providing social security, income support, and alleviation of regional disparities. | Transfer Payments |
| A general rise in the price levels of an economy. | Inflation |
| A general fall in the price levels of an economy | Deflation |
| National account of internation payments and receipts, divided into current account, and capital and financial account. | Balance of Payment Accounts |
| A principle of market economies that the production choices of the economy are ulitmately made by the buying decisions of consumers. | Consumer Sovereignty |
Created by:
sgreulich
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