Chapter 6 Vocab

Economy- The resources and processes involved in the production, distribution and consumption of goods and services.


Economic System- How a society organizes the production, distribution and comsumption of goods and services


Scarcity- In economics, the idea that land, labour and capital limit the supply of what people want and need.


Land-Piece of ground you own.


Labour -working person


Capital- The city representing an province or state


Privately Owned- in economics, the part of the economy owned and controlled by business and indivuals

Publically Owned- in ecnonmics, the part of the economy owned and controllled by government and paid for by taxes


Public Good- what's best for a society as a whole


Shift left-a shift on the economic continuum towards more government involvement in the economy. a shift left is usaually described as taking a more liberal position.


Shift Right- a shift on the economic continuum towards less government involvement in the economy. a shift right is usuallly described as taking a more consevative position.


Consumers- those who use products and services.


Producers- those who create products and services


Supply- the products and services created by producers


Demand- the wants and needs of consumers for products and services


Competition- in economics, rivalry among producers to sell products to consumers


Unemployment Rate- the percentage of the workforce that does not have jobs

Strike- a cessation of work by workers. strieks pressure employers to respond to issues that convern workers

Collective Bargaining- negotiating as a group. collective bargaining is the key right established by unions for workers.


Labour Union- an organization of workers that acts to protect workers' right and intersts.

Chapter 5

Immigration~the process of people establishing homes,and often citizenship,in a country that is not their native country.

 Example:Someone from any country around the world who comes to live in Canada is immigrating.

 

Demographic~to do with the characteristics of populations.

  Example:Commonly examined demographics include gender, race, age, disabilities, mobility, home ownership, employment status, and even location.

 

Labour Force Growth~the growth of the "labour force", or the number of people who can work.

  Example: Normally, the labor force of a country (or other geographic entity) consists of everyone of working age (typically above a certain age (around 14 to 16) and below retirement (around 65) who are participating workers, that is people actively employed or seeking employment.

 

Refugee~a person who seeks refuge in a country because of danger or persecution in their home country.

  Example:If someone came here from a place like Afghanistan, they would be seeking refuge because of the war in their country.

 

Quebec Accord~the is a legal agreement concerning immigration issues between the federal government of Canada and the Province of Quebec.

  Example: The arrangement gives Quebec the exclusive responsibility of choosing immigrants and refugees still living in their foreign countries but wishing to relocate to the province.