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Issues for Canadians Ch 6
terms and definitions to be used throughout chapter six
29
Economics
9th Grade
06/04/2011

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Term
economics
Definition
the study of production, consumption, and distribution of goods and services to meet the needs and wants of a people
Term
economy
Definition
the way in which a group of people organize to meet their needs and wants
Term
private ownership
Definition
when the individuals and businesses own the factors of production
Term
public ownership
Definition
when government owns the factors of production to use for the good of the people
Term
public good
Definition
the good of all; In economics, a commodity typically provided by government that cannot, or would not, be separately parceled out to individuals, since no one can be excluded from its benefits. Public goods, such as national defense, clean air, and public safety
Term
crown corporation
Definition
A business that was established by a country's government; Examples include the Canadian Broadcasting Corporation, Canada Post, and ViaRail. Former crown corporations before their privatization include Air Canada and Petro-Canada.
Term
economic continuum
Definition
a line showing the extremes of economic systems - from command to market systems and everything in between
Term
supply
Definition
the amount of something available for use
Term
demand
Definition
the amount of something people want and are willing to buy
Term
competition
Definition
a rivaly; trying to get a larger share of a market and have more customers; this is thought to set the prices in a Market Economy
Term
profit
Definition
A financial gain, esp. the difference between the amount earned and the amount spent in buying, operating, or producing something
Term
consumers
Definition
A person who purchases goods and services for personal use
Term
producers
Definition
A person, company, or country that makes, grows, or supplies goods or something for sale
Term
monopoly
Definition
(economics) a market in which there are many buyers but only one seller
Term
unemployment
Definition
having no job
Term
strike
Definition
A refusal to work organized by a body of employees as a form of protest, typically in an attempt to gain a concession or concessions from their employer
Term
collective bargaining
Definition
negotiation between an employer and trade union; Method of determining wages, hours and other conditions of employment through direct negotiations between the union and the employe
Term
working conditions
Definition
Conditions of the workers' job environment, such as hours of work, safety, paid holidays and vacations, rest periods, free clothing or uniforms, possibilities of advancement, etc. Many of these are included in the collective agreement and subject to collective bargaining.
Term
Telefilm Canada
Definition
a crown corporation set up to preserve Canadian culture through arts, music, film and television
Term
planned economy (command economy, or communist economy)
Definition
an economic system where the state (government) decides what to produce, how to produce it, and for whom to produce goods & services
Term
command economy
Definition
also called planned or communist economy
Term
mixed economy
Definition
an economy where both individuals and government own the resources; usually health care, transportation and communication is owned by government
Term
market economy (capitalist economy)
Definition
an economy where supply and demand determine what is available; individuals and business own the factors of production
Term
scarcity
Definition
the fundamental economic problem - having seemingly unlimited human needs and wants, in a world of limited resources.
Term
factors of production
Definition
In economics, the resources employed to produce goods and services. .. land, labour & capital
Term
land
Definition
the natural resources used for production
Term
labour
Definition
the people used to produce goods and services
Term
capital
Definition
already produced goods and services that are available in an economy
Term
labour unitons
Definition
An organized association of workers, often in a trade or profession, formed to protect and further their rights and interests
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