Banal Jejune Prosaic Mundane Vanilla
What are consumers?
A person who purchases goods and services for personal use
485
What is a market economy?
An economic system where two forces, known as supply and demand, direct the production of goods and services
What is public good?
What's best for society as a whole
What is economics?
The branch of knowledge concerned with the production, consumption, and transfer of wealth
What is unemployment rate?
The percentage of the workforce that doesn't have jobs
6
What is demand?
The desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item
23
What is a planned economy?
Qn economic system in which the elements of an economy are subject to government control and regulation designed to achieve the objectives of a comprehensive plan of economic development
34
What is cooperation?
The process of working together to the same end
What is an economic system?
A system of production, resource allocation and distribution of goods and services within a society or geographic area
420
What is a strike?
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
53
What are producers?
A person, company, or country that makes, grows, or supplies goods or commodities for sale
777
What is a mixed economy?
an economic system that combines aspects of both capitalism and socialism
34
What is individualism?
A social theory favouring freedom of action for individuals over collective or state control
850
What is an economy?
The wealth or resources of a country or region, especially in terms of the production and consumption of goods and services
83
What is collective bargaining?
Negotiation of wages and other conditions of employment by an organized body of employment and is a right established by unions for workers
87
What is supply?
The amount of a good or service offered for sale
501
What is publically owned?
The part of the economy owned and controlled by the government and paid for by taxes
7
What is a shift left?
A shift on the economic continuum towards more government involvement in the economy
What is competition?
Rivalry among producers to sell products to consumers
904
What are labour unions?
An organized association of workers formed to protect and further their rights and interests
What is scarcity?
The idea that land, labour and capital limit the supply of what people want and need
500
What is privately owned?
The part of the economy owned and controlled by businesses and individuals
7
What is a shift right?
A shift on the economic continuum towards less government involvement in the economy
What is equilibrium?
A situation in which supply and demand are matched and price is stable
What are crown cooperations?
A company owned by Canada's government to provide products and services to Canadians






Chapter 6 Vocab, how exciting

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