43 terms

K and E Economic System 2

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Terms in this set (...)

Similar stores and services will do this against eachother
Compete
consumer is a
person who purchases goods or services.
Free trade is
This is not restricted by tariffs or other trade barriers
increase
When demand for a product goes up, the price of the product with do this.....
In a market economy the least important role is....
the governments role
Market economy
Economic decisions are made by individuals, little or no gov intervention
decreases in product will result in a
increase in the PRICE of the product
increases in supply of product tend to result in
a surplus of the product and the products price might drop.
entrepreneur
Someone who starts a business.
mass production
Goods that are made in LARGE amounts on an assembly line
regulation means
The government makes a rule to follow.
tax money
Money that is collected from the people for property, consumer goods etc.
capital is
The money/equipment required to produce goods
Consumer decisions influence....
quality of life, price, product availability.
capitalism
private ownership, shopping and personal freedom
diversity in consumerism is
Giving customers more choices by offering a wider variety of products.
fixed costs
cost that DO NOT change based on the amount of products sold
variable costs
costs THAT CHANGE as the amount income changes.
assembly line
An arrangement of workers and tools that go from step to step in the production of a product
Top Canadian exports
Mineral fuels including oil,
Vehicles,
Machinery including computers: Gems, precious metals
Wood
Electrical machinery, equipment:
Plastics, plastic articles
Aluminum
Aircraft, spacecraft
Oil seeds
To barter means to...
trade for products or services rather than money, it is called this. This is how Traditional economies get what they need.
Entrepreneurs do this in order to make a profit.
Take risks
unemployment
Not having a job
A budget is
a written plan for how to spend money
A rebate is
a cash refund given for the purchase of a product
labour union
an organization of workers that acts to protect workers' rights and interests
cost of living
The average cost of basic necessities, such as housing and food
planned obsolescence
the strategy of deliberately designing products to fail in order to shorten the time between purchases. Limited shelf life!!
Consumerism
When people are spending and buying it means the economy is healthy! The goal of shopping and buying material goods!.
Monopoly is
Almost or total Complete control of a product or business by one person or group
Government and individual cooperation and involvement. Good and individual values....
Mixed economy
Scarcity is
A situation in which unlimited wants exceed the limited resources available to fulfill those wants.
lower priced goods and variety would be in the greatest interest of the
Consumers
Equilibrium
A state of balance. Price is affordable and demand is present!
The Market
Where and when buyers and sellers meet!
Capital
The money to invest, the tools, the factories, the machinery!
consumer sovereignty
the power of consumers to decide what gets produced and buy what they want!
Planned economy
government ALONE solves scarcity! a system of economy where government intervention is high
What factors guide consumer behavior?
identity, health and safety and environment
OMG
cupcakes. A business in town that has perfected zaaa cupcake.
Sephora
Originally opened in Paris to sell fragrances. This franchise just opened in the Prairie mall!
Specializes in bounciness
Jump Yard
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