Public Goods
Public goods?
What is a resource that everyone can use?
The demand for a good or service is greater than the availability of the good or service.
What is Scarcity?
Define Privately owned.
Define the three factors of production.
What is Land, labour, Capital?
Define the Crown Corporation.
What is a company owned by Canadian Government?
Canada's Public Goods.
What is National defence, clean air, and public education?
What is
what is needed or wanted?
how will it be produced?
who will get it?
Part of economy owned and controlled by the government --> Payed for by taxes.
What is Publicly Owned?
The role that land plays in the Factors of Production.
What is the natural resources used to create the materials for production?
An organization of workers that acts to protect workers rights and interests
What is Labour Union?
Individualism vs. Cooperation.
What is prioritizing your own needs over others vs. working together to achieve a common goal?
An example of scarcity.
What is overhunting, overfishing, over farming, etc.
Define the role of privately owned businesses in the economy.
What is creating jobs, providing goods and services, and stimulating economic growth?
Physical and mental effort needed in relation to Economics.
What is Labour?
Define Consumers.
What is those who use products and services?
Define what happens if the two perspectives (individualism, cooperation) clash.
What is when regarding public resources, cooperation tends to be the better approach?
Define how scarcity affects the economy.
What is limiting the choices available to the consumers who ultimately make up the economy?
Define the role of publicly owned businesses in the economy.
What is provided public services at a reasonable cost?
Define Capital.
What is money used to purchase all the materials needed?
What is Demand?
Clean Environment, health, knowledge, property rights.
What are examples of public goods that could be made global?
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What is approximately 70 percent of Canada's businesses?
Privately Owned
Products and Services created by Producers.
What is Supply?