Economics
The law that states that producers tend to produce more goods when prices rise and less when prices fall.
Law of supply.
The labour required to manufacture goods and deliver services for a business.
Human resources.
Type of business that operates to increase the 'bottom line'
For profit
The percentage of the total labor force that is unemployed but actively seeking employment and willing to work.
Any place where buyers and sellers exchange goods and services.
Market
The combination of price and quantity in a market where no economic pressure exists to cause price or quantity to change, when quantity demanded equals quantity supplied.
Equilibrium.
Economic resources that originate from the earth, water, air. An example of this would be fishing.
Natural Resources.
True or false? 70% of the Canadian workforce is employed by small business.
True.
An economic system driven by supply and demand forces where consumers determine what is produced, businesses are free to own private property and make a profit.
Capitalistic Economy (Free Market)
The total value of all goods and services produced in a country in one year.
Gross Domestic Product (GDP)
The law that states that consumers tend to buy more when prices fall and less when prices increase.
Law of Demand
A measure of how effectively and efficiently a business utilizes its resources to reach its goals.
Productivity
Type of business owned by one person. Has unlimited liability.
Sole proprietorship.
Definition for something that is essential for human survival.
A need.
The measure of the change in the average price for goods and services bought in a country.
Inflation rate.
This point represents the specific price point where the quantity demanded by consumers is exactly equal to the quantity supplied by producers.
Equilibrium price
Long lasting assets, such as buildings, tools, trucks.
Capital resources.
Type of business owned by two or more people. Has unlimited liability.
Partnership.
The term for this occurs when market quantity demanded exceeds the quantity supplied, at an existing price level.
Shortage
An economic system where the government controls all economic decision-making, sets prices, decides what goods to produce, and owns natural resources and key industries.
Centrally Planned (Command) Economy
The term for this occurs when market quantity supplied exceeds the quantity demanded, at an existing price level.
Surplus.
The relationship where businesses rely on other businesses and primary industries to produce goods and services.
Interdependence.
Type of business that serves a cause rather than to generate a profit.
Non-profit or not for profit.
Definition for something that is not essential for survival.
A want.
The primary metric used to measure the average change in price for consumer goods and services in Canada.
Consumer Price Index (CPI)