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Ec12Final
Ec12 Final
47
Economics
12th Grade
06/16/2018

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Term
demand curve
Definition
A graphic representation of the quantities of a good or service that buyers are willing and able to purchase at various prices
Term
raised
Definition
The law of downward-sloping demand states that when the price of a good is ____________(and there is no other change) less of it will be demanded.
Term
lowered
Definition
he law of downward-sloping demand states that when the price of a good is ______________ (and there is no other change) then the quantity demanded will increase.
Term
less
Definition
The law of diminishing marginal utility states that each additional unit of a good consumed a any given time yields ________ satisfaction than the one previously consumed.
Term
inelastic
Definition
Essential items, such as bread, rice, and electrical energy tend to have ______________ demand because consumers cannot readily avoid using them
Term
elastic
Definition
Big items in a budget tend to be ______________.
Term
inelastic
Definition
Small items in a budget tend to be _________________.
Term
unitary
Definition
Type of demand where a change in price brings about an exactly proportionate change in quantity demand.
Term
elastc
Definition
Luxury goods, such as holidays on tropical islands, tend to have ____________ demand
Term
inelastic
Definition
The demand for goods like alcohol and tobacco is
Term
elastic
Definition
When consumer switch from gasoline to more fuel-efficient vehicles the demand for gasoline will become ____________
Term
price
Definition
The ______________ of gasoline cana affect the number of big cars that consumes decide to buy.
Term
increase
Definition
If students allowances were to increase in your school the demand for milk would increase or decrease.
Term
left
Definition
If there was a reduction in the price of soft drinks in your school cafeteria the demand for milk would decrease and the demand curve would shift to the right or left.
Term
equilibrium
Definition
The price in which the quantity demanded for a product is equal to the quantity supplied
Term
inelastic
Definition
The supply of fresh tomatoes that is relatively fixed is elastic or inelastic.
Term
elastic
Definition
The supply of goods that can be stored easily, inexpensively, and for a long period of time will become more elastic/inelastic than products that spoil easily and are difficult to store.
Term
Ceiling
Definition
The maximum price that can be legally charged for a good or service.
Term
Floor
Definition
The minimum price below which it is illegal to buy or sell a good or service.
Term
unemployed
Definition
The ____________________________are those over the age of 15 who are temporarily laid off, and those without work who are actively seeking employment.
Term
Full
Definition
_______ employment has a rate of between 6 and 7 percent.
Term
Seasonal
Definition
Unemployment due to the changes in the climate and other seasonal conditions
Term
Structural
Definition
Unemployment due to long-term changes in consumer demand.
Term
Frictional
Definition
Temporary unemployment due to the time required to change jobs.
Term
Business
Definition
Trough, recovery, peak, recession are the four phases of this cycle.
Term
Second World War
Definition
The Great Depression ended as a result of this event.
Term
100
Definition
In a simple economy, the GDP will be at _____%?
Term
micro-economics
Definition
The study of economics actions of individuals and groups of individuals, such as consumers, households, and businesses.
Term
macro-economics
Definition
The study of the economy as a whole, such as the overall level of consumption, investment, government spending, prices, and employment.
Term
Monopoly
Definition
A market situation in which there is only one producer of a good or service and many buyers.
Term
oligopoly
Definition
A kind of market in which a few firms supply most of the goods or services.
Term
monopolistic competition
Definition
A market situation in which there are many sellers providing a similar but not identical good or service.
Term
labour unions
Definition
These collective organizations use their power to maintain or increase the salaries of their members and to improve the working conditions.
Term
Income
Definition
Natural ability, education, age, training, discrimination, poor health, physical disabilities, a region of residence are all factors of this type of inequality.
Term
70
Definition
According to Statistics Canada any family whose income was so that that it would need to spend ___% or more on the three essentials of food, clothing, and shelter would be classified as low income.
Term
British Columbia and Ontario
Definition
In 1992 the provinces in Canada with the highest provincial incomes.
Term
Collective Bargaining
Definition
Negotiation between representatives of workers and employers with the purpose of establishing terms and conditions of employment that are acceptable to both sides.
Term
strike
Definition
Withholding of labour services by a labour union.
Term
consumer credit
Definition
The ability to acquire good and services now in exchange for payment in the future.
Term
Equities
Definition
Investments in those things that we can both see and touch such as homes and common stocks of coporations.
Term
Retirement
Definition
An RRSP is a saving plan in Canada for ____________________.
Term
Insurance
Definition
A contract in which one part agrees to pay another a sum of money in the event of a specific loss is known as
Term
false
Definition
GICs have a lower interest rate than a savings account in Canada. (true or false)
Term
Psychological wants
Definition
The want for exotic food, fashionable clothing, and an air-conditioned home are all examples of
Term
physical wants
Definition
Wants or needs that are essential to sustain human life are examples of
Term
mortgage
Definition
Repayment of money borrowed to buy a home is called a
Term
education
Definition
An RESP is a savings plan in Canada for _________________.
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