Vocab 1
Economics
The study of how individuals, businesses, and governments make choices about the allocation of scarce resources.
The study of the production, distribution and consumption of goods and services.
Scarcity
The limited nature of society's resources, given people's unlimited wants and needs.
Factors of Production
: Assets or businesses owned by individuals or private entities.
Mixed Economy
An economic system combining private and public enterprise.
Planned Economy
An economic system where the government controls and regulates production, distribution, and prices.
Market Economy
An economic system where supply and demand determine the prices of goods and services.
Assets or businesses owned by the government or the public sector.
Public good:
A good that is non-excludable and non-rivalrous, meaning it can be used by everyone without reducing its availability to others.
A social theory favoring freedom of action for individuals over collective or state control.
A social theory advocating for the prioritization of group goals over individual goals.
A movement towards more government intervention and social welfare policies.
: A movement towards less government intervention and more free-market policies.
A government-owned company in Canada that operates in the commercial sector.
The process of negotiation between employers and a group of employees aimed at reaching agreements to regulate working conditions.
Individuals or groups who purchase goods and services for personal use.