Duke
occurs when there are unlimited wants/needs competing against limited resources. What is this called?
scarcity
This means more government control over the economy
shift left
when one producer controls most or all the supply of a product or service in a given market. this is called?
Monopoly
The negotiation of wages and other conditions of employment by an organized body of employees is called what?
Collective bargaining
a French phrase translating to "let do" or "leave alone, minimal to no government intervention in the economy
laissez faire
Encouraging consumers to buy a product/service because everyone else is. What type of advertising technique is this?
bandwagon
What are the 3 factors of production?
Land, labour, capital
means less government control over the economy
Shift right
when rival companies compete in the same market this is called...
competition
Which section of the Charter of Rights and Freedoms would collective bargaining best align?
Freedom of association
Laissez-faire (or "free-market capitalism") is most similar to what economy?
market economy
big promises with little detail is what type of advertising technique?
glittering generalities
All the materials found in the natural environment needed to produce goods and services, describe what factor of production?
Land
an organization of workers that acts to protect workers rights and interests. They provide a way for workers to act as a group
labour unions
Why would the government control some industries and social programs (such as education and healthcare)?
to get more control over the economy and the peoples money. To provide essential services, protect the public good, and support access to services like health care and education.
Resources are privately owned. Individuals make decisions on how to use resources. Individual consumers drive economic decision making by choosing what to buy. what type of economy is this?
Market Economy
The decision to not buy or not support a product, busniess or groups to create change is called what?
Boycott
using strong language to appeal to fear or desire is what type of advertising technique?
emotional appeal
the physical and mental effort needed to produce goods and services describes what factor of production?
Labour
Describe supply & demand
Supply refers to producers producing and distributing products to consumers. Supply is often defined by quantity - how much of a product is there to sell. Demand refers to the interest of consumers in wanting to purchase goods and services. Demand is often defined by popularity.
What would be the benefit of the government control over some industries and social programs (such as education and healthcare)?
These programs are essential for the public good, demanding universal access and standardized quality rather than profit-driven motives
Some resources are publicly owned and some are privately owned. Individuals and government both make decisions about what to produce. Individual consumers and government influence economic decision making. What type of economy is this?
Mixed economy
refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.
Standard of living
using celebrities or experts to speak for the product is what type of advertising technique?
testimonial
The money that people own or borrow is used to purchase equipment, tools and other resources to produce goods and services, describes what factor of production?
Capital
What are the three basic economic questions that all countries must answer in order to solve the problem of scarcity?
What is needed or wanted? How will it be produced? Who will get it?
What is the relationship between marketing and consumerism?
Marketing fuels consumerism by transforming wants into perceived needs, using emotional storytelling and targeted messaging to promote a lifestyle based on constant consumption
government makes all the decisions about how to solve scarcity. It owns and manages the resources needed to produce things. It plans what will be produced and decides how to use limited resources. What type of economy is this?
Planned economy
is a subjective measure of your overall happiness, health, and life satisfaction (contains environmental, social and economic factors).
Quality of life
Using statistics or data to persuade people, is what type of advertising technique?
scientific appeal