Untitled Flashcards Set

Quality of Life

A measure of happiness and well-being of citizens.

Economic Aspect of Quality of Life

Refers to the standard of living including material aspects such as housing and wealth.

Psychological Aspect of Quality of Life

Refers to an individual's mental state including happiness and self-esteem.

Political Aspect of Quality of Life

Involves a person's rights and freedoms, including the type of government.

Physical Aspect of Quality of Life

Concerns health and environment, including access to clean water and sanitation.

Social Aspect of Quality of Life

Involves relationships with family and friends.

Economics

The study of the production, distribution, and consumption of goods and services.

Economy

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

Economic System

The way a society organizes the production, distribution, and consumption of goods and services.

Scarcity

A situation where there is not enough of something, or when demand exceeds supply.

Factors of Production

Resources used in the production of goods and services: Land, Labour, and Capital.

Example of Scarcity: Land

Not enough wood to build a house.

Example of Scarcity: Labour

Not enough construction workers to build houses.

Example of Scarcity: Capital

A housing company goes bankrupt and cannot finish building homes.

Equilibrium Price

The price where supply and demand are equal.

Market Economy

An economy driven by competition where producers try to attract consumers.

Monopoly

When one producer controls the supply of a product or service.

Government Involvement

When governments intervene in market economies to protect consumers and ensure good practices.

Crown Corporation

A government-owned corporation, such as Air Canada, created to provide essential services.

Unions

Organizations that represent workers to negotiate for better wages and working conditions.

Collective Bargaining

Process where unions negotiate on behalf of workers with their employers.

Strike

A work stoppage by employees to put pressure on employers.