A
The study of how society manages its limited resources to satisfy the unlimited wants and needs of its people.
Economics
A social and economic focus on the acquisition and consumption of goods and services, often promoting the idea that increased purchasing is a route to happiness or status.
Consumerism
The willingness and ability of consumers to purchase a good or service at various prices during a given period.
Demand
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The total amount of a good or service available in the market at different price levels over a certain period.
Supply
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The method a society uses to organize the production, distribution, and consumption of goods and services, outlining who makes key decisions and how resources are allocated.
Economic System
Individuals or households that purchase and use goods and services for personal satisfaction and daily needs.
Consumers
Entities such as individuals, companies, or organizations that create goods or offer services for the market.
Producers
The percentage of the labor force that is not working but is actively seeking employment, serving as an indicator of economic health.
Unemployment Rate
The complete network of activities—production, distribution, and consumption—that takes place within a society.
Economy
A collective work stoppage by employees, often organized by labor unions, used as a means to demand improved wages, benefits, or working conditions.
Strike
The process by which labour unions and employers negotiate terms of employment, including wages, benefits, and workplace safety. This process is crucial for establishing agreements that are fair and sustainable for both parties.
Collective Bargaining
The rivalry among businesses to attract consumers by offering better quality, prices, or services, which can drive innovation and efficiency in the market.
Competition
A good or service provided by the government that is available to everyone, where one person’s use does not reduce its availability to others and no one can be excluded.
Public Good
The condition in which resources are limited in comparison to the endless wants and needs, forcing choices about their allocation.
Scarcity
A government-owned company that operates with some independence but under state control, often established to deliver public services or engage in commercial activities.
Crown Corporation
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A trend or movement toward policies that favor greater government intervention, increased social spending, or more progressive labor and economic practices.
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Refers to resources or services that are controlled and managed by the government for the benefit of all citizens.
Publicly Owned
Describes resources or businesses held by individuals or companies rather than by the government.
Privately Owned
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The negotiation process between workers (usually through unions) and employers aimed at reaching an agreement on employment conditions such as wages and benefits.
Collective Bargaining
Organizations formed by workers to represent their interests and negotiate with employers for improved wages, benefits, and working conditions.
Labour Unions
A trend or movement toward policies that emphasize free-market principles, reduced government regulation, and increased individual responsibility in economic matters.
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