Grade 9 Social Studies Economics

economics

- the study of the production, distribution, and consumption of goods and services

- study of how a society uses its resources to satisfy its wants and needs

economy

- all resources, processes involved in producing goods/services

scarcity

- means land, labour, and capital are finite or limited

- basic economic problem facing all societies when there is not enough of a resource to meet the needs and wants of a society

- all resources are limited and therefore scarce

- everyone can not have everything they want

- therefore, societies are forced to make decisions about how the scarce resources will be used

- is a problem faced by all nations

privately owned

- when economic production is owned by individuals

publicly owned

- owned by the government and paid for by taxes

planned economy

- an economic system in which the government controls and regulates production, distribution, prices, etc.

mixed economy

an economic system that blends aspects of the free market economy with the government intervention of a planned/command economy.

market economy

- a capitalistic economic system in which there is free competition and prices are determined by the interaction of supply and demand

public good

- an idea, concept, law that's best for society as a whole

shift left

- move to more government involvement in economy

- is usually described as taking a more liberal position

shift right

- a move to less government involvement in the economy

- is usually described as taking a more conservative position

consumers

- people who use products and services in a community

- a person in an economy that purchases goods and services

demand

- when consumers want or need a product or service

producers

- those who create products and services in an economy

supply

the amount of products and services available for consumers

competition

- rivalry amongst producers to sell goods in a marketplace

strike

- when a group stops working to get employer to meet their demands

- a cessation of works by workers, strikes pressure employers to respond to issues that concern workers

collective bargaining

- negotiating as a group

- collective bargaining is the key right established by unions in workers

labour union

- an organization of workers that negotiates workers rights

- organization of workers that act to protect workers rights and interests

consumerism

- an economics theory that links prosperity to consumer demand for goods and services

what leads to scarcity and what has to happen because of it?

- unlimited wants/limited resources -> scarcity-> societies having to make choices

what are the four basic questions?

- what to produce

- how much to produce and how fast to produce it

- for whom will it be produced for

- how will it be produced

what are the factors of production?

- land

- labour

- capital

- helps us determine what wants and needs will be met

land

- also called "natural resources"

- all resources are used to produce goods and services includes all crops that are grown on the land, minerals in the ground and rent paid to a land owner for its use

- renewable and non-renewable

labour

- also called "human resources"

- efforts people make to produce goods

- the human effort that an individual puts into making a good or service

- both mental and physical work

- includes factory workers, doctors, mechanics, etc... they provide labour for wage or salary

capital

- all money used to maintain equipment, machines, factories, communications, etc.

- money used within business

- includes anything that is used to produce other goods and services

- example is money used to pay employees

needs

- the basic things we need to survive -- water, food, shelter, clothing

wants

- everything that we desire but don't need to survive

3 types of economies

- market economy

- Planned economies

- Mixed economies

founding principle of the Canadian economy

- peace, order, and good government

founding principle of the United states economy

- life, liberty, and the pursuit of happiness

what's a crown corporation?

- is a company owned by Canada's government to provide products and services to Canadians

reasons for government to create crown corporations?

- to promote economic development

- to provide essential services

- to support Canadian cultures and identity

why do governments get involved in market economies?

- market economies rely on the decisions of individual consumers and producers

- sometimes governments get involved to inform, protect or ensure good practices

- they may intervene if they feel consumers are not being treated fairly