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.
