Untitled Flashcards Set

0.0(0)
studied byStudied by 0 people
linked notesView linked note
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/21

encourage image

There's no tags or description

Looks like no tags are added yet.

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

22 Terms

1
New cards
Quality of Life
A measure of happiness and well-being of citizens.
2
New cards
Economic Aspect of Quality of Life
Refers to the standard of living including material aspects such as housing and wealth.
3
New cards
Psychological Aspect of Quality of Life
Refers to an individual's mental state including happiness and self-esteem.
4
New cards
Political Aspect of Quality of Life
Involves a person's rights and freedoms, including the type of government.
5
New cards
Physical Aspect of Quality of Life
Concerns health and environment, including access to clean water and sanitation.
6
New cards
Social Aspect of Quality of Life
Involves relationships with family and friends.
7
New cards
Economics
The study of the production, distribution, and consumption of goods and services.
8
New cards
Economy
The resources and processes involved in the production, distribution, and consumption of goods and services.
9
New cards
Economic System
The way a society organizes the production, distribution, and consumption of goods and services.
10
New cards
Scarcity
A situation where there is not enough of something, or when demand exceeds supply.
11
New cards
Factors of Production
Resources used in the production of goods and services: Land, Labour, and Capital.
12
New cards
Example of Scarcity: Land
Not enough wood to build a house.
13
New cards
Example of Scarcity: Labour
Not enough construction workers to build houses.
14
New cards
Example of Scarcity: Capital
A housing company goes bankrupt and cannot finish building homes.
15
New cards
Equilibrium Price
The price where supply and demand are equal.
16
New cards
Market Economy
An economy driven by competition where producers try to attract consumers.
17
New cards
Monopoly
When one producer controls the supply of a product or service.
18
New cards
Government Involvement
When governments intervene in market economies to protect consumers and ensure good practices.
19
New cards
Crown Corporation
A government-owned corporation, such as Air Canada, created to provide essential services.
20
New cards
Unions
Organizations that represent workers to negotiate for better wages and working conditions.
21
New cards
Collective Bargaining
Process where unions negotiate on behalf of workers with their employers.
22
New cards
Strike
A work stoppage by employees to put pressure on employers.