Economics Vocabulary
How much of a good or service that is available; if there is a lot, it could mean that demand is low.
What is, "supply?"
Examples of this: fridge, car, pencil, coffee cup.
What is a, "good?"
In my system, consumers decide supply and demand.
What is a "market system?"
The Soviet Union used my economic system.
What is a "command" or "planned" economy?
Canada's economic system.
What is a "mixed economy?"
This is the principle that all levels of government have to deal with.
What is, "scarcity?"
Examples of this: car repair, dental care, education, etc.
What is a, "service?"
In my system, resources can be owned by the government or individuals or businesses.
What is a "mixed system" or "mixed market system?"
If people follow my system's rules properly, it means that everyone who needs a job has one and all of their basic needs are met.
What is a "planned" or "command" economy?
The United States have traditionally been this type of economic system.
What is, "market system?"
Sometimes, this type of economic system is created because consumers cannot get the goods and services they need or want.
What is, "underground economy."
To decrease this, you may decide to increase the price of a good or service.
What is, "demand?"
If people follow the rules of my system correctly, consumers will have certain social services and programmes available, but still have the freedom to pursue their own careers and businesses.
What is a "mixed market" or "mixed economy?"
I play an important role in a market or mixed market system. With me in place, new ideas for products and services may occur and prices may be lower for consumers.
What is, "competition?"
The three most important economic questions that governments try to answer to solve the problem of scarcity.
What are:
What to produce?
How much to produce? + Who Will produce it?
Who will receive the product?
Our goods and services all come from this.
What is, "resource?"
This is how a government may pay for roads, airports, or programmes to help new immigrants and refugees to our country.
What are, "taxes?"
Because I own my business or resource I am a part of this SECTOR.
What is "private sector?"
North Korea's current economic system.
What is a "planned economy?"
We can use this to compare and contrast different styles of government and economic systems.
What is a "continuum?"
In this type of economy, people will barter for goods and services instead of using money to get what they want or need.
What is, "traditional economy."
Governments may provide these because they understand that it is the only way to make things equitable for citizens.
What are, "services and programs"?
China's current economic system.
What is a "mixed economy?"
Sometimes, ineffective planned economies create me.
What is an "underground economy?"
In a mixed system, a farmer may receive this from the government if they have stored crops or unsold livestock (e.g. cows, pigs).
What are, "subsidies?"
*Subsidies are money from the government