Terms
What is another name for natural materials that we use to produce things?
Natural Resources
What is the belief "that materials, labour, and money limit the supply of what people want and need" called?
Scarcity
Which economic system consists of resources that are publicly owned and where the government makes economic decisions?
Planned economy
What is the "products and services created by producers" called?
Supply
What is "an organization of workers that works to protect workers' rights and interests" called?
Labour union
Another word for work, especially hard physical work.
Labour
What are 3 factors needed to produce items?
Land, Labour and Capital (capital refers to how wealthy the company is)
Which economic system consists of resources that are privately owned and whose individuals make the economic decisions?
Market economy
What is the "wants and needs of consumers for products and services" called?
Demand
What is it called when a group negotiates as a whole?
Collective bargaining
What is another word for "in short supply; shortage"
Scarcity
What is something people need that is unlimited?
Air (LOL)
Which economy consists of some resources being publicly owned and others being privately owned and whose government and individuals make the economic decisions?
Mixed economy
What is it called when the supply of a product can meet the demand for a product at a particular price?
Equilibrium
Which province or territory has the highest unemployment rate?
Newfloundland & Labrador
What is "the way a society organizes the production, distribution, and consumption of goods and services"?
Economy
Why would something like fresh berries be limited in their supply? Especially in Canada
Growing season
What countries are examples of each type of economy?
planned - former USSR
mixed - Canada
market - USA
When price increases, what happens to demand?
Decreases
What action can workers take to pressure employers to respond to issues that concern the workers?
Strike
What is the "rivalry among producers to sell products to consumers" called in economics?
Competition
When a limited amount of resources are available, consumers must.....
Choose another alternative
What is another name for a market economy?
free market economy
If demand goes up, what will happen to the supply AND the price?
supply - decreases
price - increases
Why did the Winnipeg General Strike happen in 1919 (just after WWI)?
Too many people had trouble finding jobs