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Social 9- Economics Vocab List 2 - Quiz #1
Terms in this set (38)
To set apart or designate for a special purpose to distribute.
To trade for goods/services without money.
Buying and selling of goods and services that is concealed from the government to avoid taxes or regulations or because the goods and services are illegal (aka underground economy).
A period when the rate of economic growth and the general level of economic activity is above average.
A decision by a group of people not to buy or use something.
A period of economic downturn and recession (followed by a rapid economic expansion which is unsustainable).
Factories, machines, and technology that people use to make goods or services.
An economic system based on open competition in a free market, in which individuals and companies own the means of production and operate for profit (aka market economy).
The concentration of government power in the hands of the national government or in a small group within the national government.
Centrally planned economy
Economic system in which the government (not individuals) makes all decisions on the production and consumption of goods and services (aka command economy, communism).
Any significant change in measures of climate, such as temperature, precipitation, or wind, lasting for an extended period of a decade or longer. Can be caused by the burning of fossil fuels.
Negotiations between workers and their employers to determine pay and working conditions (union negotiation).
Emphasizes the group's goals over personal ones (aka common good, public good).
A political and economic ideal derived by Karl Marx where there is complete control by the state . (aka centrally planned economy, command economy).
A rivalry between two or more businesses.
A social and economic order that encourages the purchase of goods and services in ever-greater amounts.
A company owned by Canada's government to provide products and services to Canadians.
Decisions are made by both producers and consumers, not by a central authority (government).
Quantity of a good or service that consumers are willing and able to buy (supply and _________).
An economic state of high unemployment an low prices.
Delivering products or services to customers.
An increase in the total output of the economy.
The study of the production, distribution and consumption of goods and services.
Actions taken by government to encourage consumers and producers to spend money (tax breaks, lowered interest rates).
System in which a society decides how to use limited resources.
When one country announces that it will no longer trade with another country.
A person who starts up and takes the risk of a business (aka business person).
A situation in which the market price has reached the level at which quantity supplied equals quantity demanded.
Economic system in which individuals and business are allowed to compete for profit with a minimum of government interference (aka market economy, capitalism).
Free market economy
A market where there is no government intervention at all. Decisions are made by individuals and businesses on the basis of supply and demand. (aka market economy).
International trade free of government interference where countries agree on no tariffs or restrictions on goods (NAFTA - Canada, USA, and Mexico).
Gross Domestic Product (GDP)
Total value of all goods and services produced by a country/nation.
Gross National Product (GNP)
Total value of all goods and services produced within in a nation.
Education and training that workers use to produce goods or services.
The people who are needed to perform work or services in a business.
The way all the income earned in a country is divided among different groups of income earners.
Giving priority to one's own individual goals over group goals.
A continuous rise in the price of goods and services.
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