Public,Private, and Scarcity
Economics?
Study of PRODUCTION, DISTRIBUTION, and CONSUMPTION, of goods and services
Planned(Command)Economy?
Resources are publicly owned, and economy is run and controlled by the peoples repreentative
Capital?
The money required to fund the initial invesment
What type of government is Laissez-Faire?
"Hands free" Government
Competition?
When producers strive to get consumers to buy their products over other consumers products
Public Enterprise?
One that is funded through taxes from the government
Crown Corporations?
Directly and wholly owned by the crown, and operate at different levels of government
READ THE SHEET
Labour?
The physical and mental effort required to produce goods
Subsidy?
Is a direct or indirect payment to individuals or firms, usually in the form of a cash payment from the govt'd
Law of Supply?
As the price of a product increases, producers will be willing to make more of the product
1. Expensive
2.Inefficient/Bureacratic processes
3.Unstable:Changes from government to government
Free/Market Economy?
1.Self interest: People will work to improve their conditions, and increase their wealth
2.Supply and demand:Relationship between what consumers want/need that determines what producers will manufacture a supply of
3.Competition:When multiple producers fight for the consumers' business/money
Bourgeois?
NEED HELP
Buisness cycle?
Look online
Also goes from PEAK, to RECESSION, to DEPRESSON/BUST, and lastly RESTORATION
Law of Demand?
As the price of the product increases, consumers will be willing to make more of the product
Private Enterprise?
Set up through certain organizations trying to gain profit
Invisible hand?
A metaphor showing how a consumers interest will regulate the market of a free market economy
Land?
Materials and non renewable resources needed to produce goods
Recession?
A significant, widespread, and prolonged downturn in economic activity
Equilibrium?
The producer can sell ar a profit, and the consumer agrees to pay the asking price
3 criticisms of Private Enterprise?
1.Exploitive
2.Inconsistent services
3.Unequal treatment of citizens
Adam Smith?
Considered the father of economics, and created the notion of the invisible hand
Scarcity?
The idea/problem, that land, labour, and capital is limited, which reduces the supply of what ppl want and need
What is Laissez-Faire?
Is an economic system in which transactions between private groups of people are free/almost free from any form of economic interventionism such as regulations and subsidies?
Who is the best player in the NBA?
No,we are studying