Chapter 6 Vocabulary

The resources and processes involved in the production/consumption of goods/services

A shift ..... is towards more government involvement in the economy.

What is the term for producers striving to get consumers to buy their product?

When supply is high and demand is low, prices go ......

A term used by societies to indicate how happy they are.

The term for how much of an item there is.

The economy owned and controlled by the gov't.

This economy is owned and controlled by businesses and individuals.

What is the term for negotiations by a union and their employer?

This worldview values equality and putting the needs of society ahead of the individual.

The term for how many people want to buy something.

This worldview values individual creativity and independence.

What is an organization to protect workers' rights?

When supply is low and demand is high, prices go .......

What aspect of quality of life is: deals with relationships (positive and negative).

This type of economy combines private ownership and gov't involvement.

What aspect of quality of life is: the standard of living including material aspects of society

What aspect of quality of life is: refers to your mental state.

What is a cessation of work by workers?

The term for all of the resources to produce goods and services.

What is the term for one producer controlling all of the supply of a product?

In this type of economy the gov't makes all of the decisions about production.

This term is about what's best for society as a whole.

What aspect of quality of life is: deals with your health/ quality of your environment.

The idea that land, labour, and capital limit the supply of what people want and need.

What aspect of quality of life is: deals with a person's rights and freedoms and type of gov't.

Which of the following is NOT one of the three basic questions of economics?

The term for the money that people own or borrow, purchase resource to produce goods/services.

What is the term for a company owned by a nation's government to provide products and services?

A shift ..... is a move towards less government involvement in the economy.

The term for physical and mental effort needed to produce goods and services.

This type of economy allows individuals to make choices that solve scarcity, no gov't involved.

Land, labour, and capital.