Matching (10 Marks) - Economic Terms

Natural Resources

resources that occur in nature that have value and may be used to produce goods

Labour

The services provided by workers to provide goods and services

Capital

Money invested in a business to defray the start up or operating costs involved

Entrepreneurs

A person who is willing to risk money to start up a business or expand an existing

Factors of Production

Everything necessary in the production process

Goods

Supplies that can be sold

Services

Work done for a fee

Market

A region in which there is demand for a product and in which the product can be bought and sold

Demand

The level of desire for particular goods or services at a certain price

Supply

The quantity of particular goods and services available for purchases at a certain price

Equilibrium

The point where the price of an item equals to the demand and supply of the item (Ex: everyday items prices don’t fluctuate greatly)

Scarcity

The problem of infinite human needs and wants for goods and services in a world of finite resources

Surplus

An excess of government revenue over government spending

Deficit

An excess of government spending over government revenue

Heartland

Any are or region that is the center of a country’s industry; the center of the Southwestern Ontario peninsula

Hinterland

The outlying region of a country that supports a country with agricultural products, natural resources and raw materials

GNP (Gross National Product)

The value of all the goods and services produced in a country plus the value of the goods and services imported from other countries.

GDP (Gross Domestic Product)

The market values of all the goods and services produced in a country

Monopoly

A market situation where there is one producer of a good or service. Ex. SGI

Oligopoly

A market situation where there is a few major producers of a good or service. Ex. soft drinks - coke and pepsi, Air Canada, Westjet)