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What is economics?
Economics is a social science that studies the production, distribution, and consumption of goods and services and analyzes the choices that individuals, businesses, governments, and nations make to allocate resources.
What is the free market?
This is an economic system where the price of goods and services is determined by the supply and demand of the market without any government intervention.
What does laissez-faire mean?
This refers to a policy of minimum governmental interference in the economic affairs of individuals and society.
What is the PPC chart?
The Production Possibilities Curve (PPC) is a graphical representation of the maximum combinations of two goods that can be produced with a fixed amount of resources and technology.
What is the PPF Chart?
The Production Possibility Frontier (PPF) is a graphical representation of the maximum combinations of two goods that an economy can produce with its limited resources and technology.
What is the black market?
A black market is an economic activity that takes place outside government-sanctioned channels. Illegal market transactions usually occur “under the table” to let participants avoid government price controls or taxes.
What is GMO?
GMO stands for genetically modified organisms. It refers to an organism whose genetic material has been altered using genetic engineering techniques.
What is a recession?
A recession is a significant, widespread, and prolonged downturn in economic activity. It is characterized by a decline in production, employment, and income, which can lead to a decrease in consumer spending and a contraction of the economy
What is the stock market?
The stock market is a marketplace where buyers and sellers of securities, such as stocks and bonds, come together to trade.
What does the term fair trade mean?
Fairtrade is a movement that aims to help farmers and workers in developing countries by ensuring that they have access to export markets and are paid a fair price for their products.
What is Sustainability?
Sustainability refers to the ability of an economy to maintain a balance between economic growth and environmental protection while also promoting social well-being.
What does the term shareholder value mean?
Shareholder value refers to the value delivered to the equity owners of a corporation, thanks to management’s ability to increase sales, earnings, and free cash flow, which leads to an increase in dividends and capital gains for shareholders.
Who are foreign workers?
Foreign workers are people who work in a country other than the one in which they are citizens.
What is the meaning of outsourcing?
Outsourcing is a business practice where a company hires another party to perform services or create goods that were traditionally performed in-house by the company’s own employees and staff.
What is a professional association?
A professional association is an organization that seeks to further a particular profession, the interests of individuals and organizations engaged in that profession, and the public interest.
What is inflation?
Inflation is a general increase in the prices of goods and services in an economy.
What is Seasonal Unemployment?
Seasonal unemployment is a type of unemployment that occurs when people who work in seasonal jobs become unemployed when demand for labor decreases due to the change in season.
What is debt?
Debt refers to the amount of money that one party owes to another.
What is a fixed cost?
Fixed cost refers to the cost of a business expense that doesn’t change even with an increase or decrease in the number of goods and services produced or sold
What does the term price freezing mean?
A price freeze is a temporary ban on price increases for a product or service.
What does the term invest mean?
The term invest refers to the act of allocating resources, usually capital (i.e., money), with the expectation of generating an income, profit, or gains.
What is a variable cost?
A variable cost is an expense that changes in proportion to production output or sales.
What is a deficit?
A deficit is a situation where expenses exceed revenues, imports exceed exports, or liabilities exceed assets in a particular year.
What are incentives?
An incentive is something that motivates or encourages a person to take a particular course of action.
What is an emergency fund?
An emergency fund is a sum of money that is set aside to cover unexpected expenses or financial emergencies.
What is a model?
A model is a simplified representation of a complex system or process that is used to understand, analyze, or predict behavior.
What is credit history?
A credit history is a record of an individual’s or company’s past borrowing and repayment behavior.
What is credit?
Credit is a contractual agreement between a lender and a borrower in which the borrower receives a sum of money or something else of value and commits to repaying the lender at a later date, typically with interest.
What is a corporation?
A corporation is a legal entity that is separate and distinct from its owners.
What is a sole proprietorship?
A sole proprietorship is a type of business structure in which an individual owns and operates a business on their own.
What is a partnership?
A partnership is a formal arrangement between two or more parties to manage and operate a business and share its profits.
What are trade-offs?
A trade-off is the decision-making process of choosing between two or more competing alternatives.
What is fiscal policy?
Fiscal policy refers to the use of government spending and taxation policies to influence economic conditions such as inflation, employment, and economic growth.
What does “negotiating a contract” mean?
Negotiating a contract refers to the process of discussing and agreeing on the terms of a contract between two or more parties.
What is boycotting?
Boycotting refers to the act of refusing to buy or use a product or service as a form of protest against a company, government, or individual.
What is a Union?
A union is an organization that represents workers in a particular industry or profession and aims to protect their rights and interests.
What does “Adopt an Issue” mean?
The phrase “adopt an issue” can refer to the process of selecting a particular social or political issue to support or advocate for.
What does networking mean?
Networking refers to the process of establishing and maintaining relationships with other individuals or organizations for the purpose of exchanging information, resources, or services.
What is the meaning of collusion?
Collusion is a non-competitive, secret, and sometimes illegal agreement between rivals which attempts to disrupt the market’s equilibrium
What does “Win Union Election” mean?
Winning a union election refers to the process of a group of workers voting to form a union and be represented by it in collective bargaining with their employer. The National Labor Relations Board (NLRB) oversees union elections and certifies the results.
What is a Gini Coefficient?
The Gini coefficient is a statistical measure of economic inequality in a population.
Who is a contract worker?
A contract worker is an individual who is hired by a company or organization to complete a specific task or project for a predetermined period of time.
What is a Workers Co-op?
A worker cooperative is a type of cooperative where the employees of a company own and democratically manage the business.
What is economic inequality?
Economic inequality refers to the disparities in incomes and wealth in a society.
What is net worth?
Net worth refers to the value of assets owned minus the value of liabilities owed at a point in time.
What is scarcity?
Scarcity refers to the fundamental concept that resources are limited, while human wants and needs are infinite.
What is opportunity cost?
Opportunity cost refers to the value of the next best alternative that must be forgone in order to pursue a certain action.
Milton Friedman (Monetarist)
Milton Friedman was a prominent advocate of the monetarist school of thought, which emphasizes the importance of controlling the money supply to stabilize the economy. He believed that the government’s role in the economy should be limited, and that free markets were the best way to allocate resources.
John Maynard Keynes (Keynesianism)
John Maynard Keynes expressed Keynesianism, a macroeconomic theory that emphasizes the importance of government intervention in the economy to stabilize output and employment. He believed that the government should use fiscal policy to stimulate demand during economic downturns, which would help to create jobs and boost consumer spending.
What is Monetary Policy?
Monetary policy refers to the set of actions taken by a central bank to control the money supply and interest rates in an economy.
What is the Nasdaq?
The Nasdaq is the world's first automated stock exchange, a global electronic marketplace for buying and selling securities. It lists more than 5,000 companies, including many technology giants, and operates 29 markets enabling the trading of stocks, derivatives, fixed income, and commodities in the U.S., Canada, Scandinavia, and the Baltics. The Nasdaq is also used to refer to the Nasdaq Composite, which is an index of more than 2,500 stocks listed on the Nasdaq exchange.
What is the S&P 500?
The S&P 500 is a market-capitalization-weighted stock market index that tracks the performance of 500 of the largest publicly traded companies in the United States. It is widely considered one of the best gauges of large U.S. stocks and the stock market overall, and is used as a benchmark for the overall U.S. stock market and the U.S. economy as a whole.
What is the Dow Jones Index?
The Dow Jones Industrial Average (DJIA) is a stock market index that tracks the performance of 30 large, publicly-owned blue-chip companies trading on the New York Stock Exchange (NYSE) and Nasdaq.
What is the workers strike of 1872?
The Nine Hour Movement was an international phenomenon that took place in Canada between January and June 1872. It was a significant event in Canadian labor history that aimed to standardize shorter working days. It united union and non-union workers and set the foundation for the Canadian Labor Union.
What is a RRSP?
A Registered Retirement Savings Plan (RRSP) is a retirement savings plan that allows you to save money for retirement without paying taxes on it until you withdraw.
What is a GIC?
A Guaranteed Investment Certificate (GIC) is a savings product that allows you to deposit money for a set period of time and earn interest on it.
What is a TFSA?
A Tax-Free Savings Account (TFSA) is a Canadian savings account that allows you to save money for any purpose, including retirement, without paying taxes on the interest earned, dividends, and capital gains.
What is a FHSA?
A First Home Savings Account (FHSA) is a registered plan that allows first-time home buyers in Canada to save for their first home tax-free (up to certain limits).
What is a RESP?
A Registered Education Savings Plan (RESP) is a savings plan that helps parents, grandparents, or other individuals save for a child’s post-secondary education in Canada. The plan is registered with the Canadian government and offers tax-deferred growth on contributions, which means that the money invested in an RESP grows tax-free until it is withdrawn. The maximum amount of money you can get from an RESP is $7,200.
What is a RDSP?
A RDSP is a savings plan intended to help an individual who is approved to receive the disability tax credit (DTC) to save for their long-term financial security. Contributions to an RDSP are not tax deductible and can be made until the end of the year in which the beneficiary turns 59.
What are personal finances?
Personal finance in economics refers to the management of an individual’s financial resources, including income, spending, saving, investing, and protection.
What is a Monopoly?
This is when one business dominate a certain market.
What is a Oligopoly?
This is when a few businesses dominate a certain market.
What is Perfect Competition?
Perfect competition is a theoretical market structure in which there are many buyers and sellers, and no single buyer or seller has any significant influence on the market price
What is Monopolistic Competition?
In summary, monopolistic competition is a market structure in which many firms sell similar but not identical products.
The products are differentiated by branding, quality, or other features, which allows firms to charge different prices.
What is Monopsony?
Monopsony is a market condition in which there is only one buyer, the monopsonist, who has a controlling advantage over the price and quantity of goods or services.
What is Passive Trade?
Passive trade is a buy-and-hold portfolio strategy for long-term investment horizons with minimal trading in the market.
What is Active Trade?
Active trading is a strategy of buying and selling securities for quick profit based on short-term movements in price.
What is Government Intervention?
Government intervention in economics refers to the actions taken by a government to influence the economy or market in some way.
What are bonds?
A bond is a fixed-income instrument that represents a loan made by an investor to a borrower, typically corporate or governmental.
What is Asset Mix?
Asset mix is the composition of an investment portfolio, which is determined based on the risk-taking ability and life-cycle stage of an investor. It is the breakdown of all assets within a fund or portfolio, such as stocks, bonds, cash, and real estate.
What is diversification?
Diversification in economics refers to the practice of spreading investments across a variety of securities or asset classes to reduce the risk of loss.
What are dividends?
Dividends are payments made by a corporation to its shareholders, usually in the form of cash or additional shares of stock.
What are the four factors of production?
In economics, the four factors of production are land, labor, capital, and entrepreneurship. These factors are used to produce goods and services in an economy.
Land refers to all natural resources used to produce goods and services, such as water, minerals, and forests.
Labor refers to the human effort used to produce goods and services, such as the work done by factory workers, teachers, and doctors.
Capital refers to the tools, machinery, and other equipment used to produce goods and services, such as computers, trucks, and factories.
Entrepreneurship refers to the ability to organize and manage the other three factors of production, as well as the willingness to take risks and innovate.
What is an economic bubble?
An economic bubble is a phenomenon in which the price of an asset rises rapidly and exceeds its intrinsic value, followed by a sudden decrease in value or a crash.
What is the Bitcoin Recession?
Bitcoin has been labelled a speculative bubble by many including former Fed Chairman Alan Greenspan and Economist John Quiggin. Nobel Memorial Prize laureate Robert Shiller said that Bitcoin “exhibited many of the characteristics of a speculative bubble”. On 14 March 2014, the American business magnate Warren Buffer said, “Stay away from it. It’s a mirage.”
What is Tulipmania?
Tulip mania was a period during the Dutch Golden Age when contract prices for some bulbs of the recently introduced and fashionable tulip reached extraordinarily high levels. Tulipmania happened in the Netherlands in the 1630s and is a classic asset price bubble story.
What is the Great Recession?
The Great Recession was a severe global economic downturn that began in 2008 and lasted until 2009. It was triggered by the subprime mortgage crisis in the United States, which led to a sharp decline in housing prices and a surge in mortgage defaults. The crisis then spread to the financial sector, causing a liquidity crisis and a sharp decline in the stock market. The Great Recession was characterized by steep declines in industrial production, mass unemployment, banking panics, and sharp increases in rates of poverty and homelessness.
What is depression?
A depression is a severe and prolonged downturn in economic activity. It is characterized by a sharp fall in economic growth, employment, and production, and can be defined as a recession that lasts longer than three years or that results in a decline of at least 10% in annual GDP.
What is TTP?
The Trans-Pacific Partnership (TPP) was a proposed trade agreement between 12 Pacific Rim economies, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United States. The agreement aimed to deepen economic ties between these nations by slashing tariffs and fostering trade to boost growth. The TPP was designed so that it could eventually create a new single market, something like that of the EU. However, the United States withdrew from the agreement in January 2017, and the TPP could not be ratified as required and did not enter into force
What is time-horizon?
An investment time horizon is the time period where on expects to hold an investment for a specific goal. Investments are broken down into two main categories: stocks (riskier) and bonds (less risky). The longer the time horizon, the more riskier it is and the shorter the time horizon, the less risky it is.
What are the five steps to creating a union?
The process of creating a union typically involves the following five steps:
Build an Organizing Committee: Leaders are identified and an organizing committee representing all major departments and all shifts and reflecting the racial, ethnic, and gender diversity in the workforce is established. Organizing committee training begins immediately.
Adopt an Issues Program: The committee develops a program of union demands (the improvements you are organizing to achieve) and a strategy for the union election campaign. A plan for highlighting the issues program in the workplace is carried out through various organizing campaign activities.
Sign-Up Majority on Union Cards: Your co-workers are asked to join the union and support the union program by signing membership cards. The goal is to sign-up a sizable majority. This “card campaign” should proceed quickly once begun and is necessary to hold a union election.
Win the Union Election: The signed cards are used (and required) to petition the state or federal labor board to hold an election. It will take the labor board at least several weeks to determine who is eligible to vote and schedule the election. The union campaign must continue and intensify during the wait. If the union wins, the employer must recognize and bargain with the union. Winning a union election not only requires a strong, diverse organizing committee and a solid issues program, but there must also be a plan to fight the employer’s anti-union campaign.
Negotiate a Contract: The organizing campaign does not let up after an election victory. The real goal of the campaign, a union contract (the document the union and the employer negotiate and sign, covering everything from wages to how disputes will be handled), is still to be achieved.
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