Economics
Terminology
- Scarcity
- Capital
- Public Good
- Market Economy
- Crown Corporation
- Producers
- Unemployment Rate - Labor Union
- Land
- Privately Owned
- Planned Economy - Shift Left
- Consumers
- Supply
- Strike
- Labor
- Publicly Owned
- Mixed Economy
- Shift Right
- Demand
- Competition
- Collective Bargaining
Study Questions
- What is quality of life? What are the 5 aspects of quality of life?
- In your own words describe what scarcity is and provide an example
- In economics, the idea that resources are limited is called scarcity. The basic questions of economics are about how to solve scarcity.
- What creates scarcity?
- What are the three factors of production?
- Draw the economic continuum, label it and note the key characteristics of each economy. - What is the difference between the public good and cooperation and the public good and individualism?
- What is a crown corporation?
- How do market economies work?
- Supply and Demand: Draw diagrams to represent all of the following:
- a state of equilibrium
- what happens when demand goes up (what happens to supply? What happens to price?)
- what happens when the price goes up (what happens to demand? What happens to supply?)
- what happens when supply goes up (what happens to price? What happens to demand?)
- how equilibrium is restored
- What is competition?
- Explain the difference between a monopoly and competition
- Why do governments get involved in market economies?
- Why would people go on strike?
- Describe what labor unions do and why we have them.