Economics Key Terms - Social 9

The part of the economy controlled and owned by businesses or individuals.

A company owned by Canada's government. Examples include CBC, Canada Post, VIA Rail.

Workers stop working to get changes at their jobs. A form of protest.

Important part of Capitalism. Little to no government control. Consumers have total freedom.

A mix of government and individual businesses. Example = Canada

Totally controlled by the government. Example = Communism.

How a country decides to deal with its money, resources, and products.

An organization of workers that protects worker rights and interests.

The standard of health, comfort, happiness for an individual or group.

The people or companies that create products and services.

One company, store, or business with no competitors. Can set any prices it wants.

Limit on resources that people want. Main factors are land, labour, and capital.

Being treated unfairly or unequally. Not having the same opportunities as others.

Public Good and Individualism. Economic System of the USA. Little government interference.

Making, moving, and trading wealth owned/controlled by communities. Best for the group = choice

Government has rules for companies about minimum wage, price fixing, and monopolies.

Less government involvement and more freedom to individuals. Example = Capitalism

Producers compete with each other to sell their products to consumers.

Taking away the laws that governments have in place against businesses. Less taxes for company.

The products and services that consumers want.

The part of the economy controlled by the government and paid for by taxes.

The people who buy and use products and services.

Discussing as a group. Important for workers and their rights.

All of the money, resources, and products in a country.

Public Good and Cooperation. Total control by the government. Opposite of Capitalism.

Not having a job.

Being very successful, usually in terms of how much money you have.

The products and services created by producers.

Public Good

The percentage of the workforce that does not have a job.