List of Economic Terms

Canadian Studies 30

Natural Resources

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

Labour

services provided by workers to produce goods and services
ex. jobs

Capital

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

Entrepreneurs

person who is willing to risk money to start up a business or ec\xpand an existing one

Factors of Production

everything necessary in the production process
ex. land, natural resources, labour, capital, entrepreneurs
ex. must need ALL of these to work

Goods

supplies that can be hold *includes GST
ex. shingles

Services

work done for a fee *includes GST
ex. installment

Market

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

Demand

level of desire for particular goods or services at a certain price
ex. how much people want

Supplies

quantity of particular goods or services available for purchase of a certain price
ex. how much in stock

Equilibrium

point where the price of an item is equal to the demand and supply of the item
ex. shampoo

Scarcity

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

Surplus

excess of government revenue of government spending
ex. better to have more for paying less

Deficit

excess of government spending over government revenue

Heartland

any area or region that is the center of a country's industry

Hinterland

outlying region of a country that supports a country with agriculture products, natural resources, and law materials

GNP (Gross National Product)

value of all goods and services produces in a country plus the value of the goods and services imported from other countries

GDP (Gross Domestic Product)

market value of all goods and services in a country

Monopoly

market situation where there is only ONE producer of a good or service
ex. SGI, Sask Power, Sask Energy

Oligopoly

market situation where there is a FEW major products of a good or service
ex. Airlines, Coke and Pepsi (soft drinks)

Nationalism

strong feeling or emotions toward your nation; love for your nations, associated with Patriotism

Regionalism

pride in a region, bias towards an area (province, region, city); bonding of people in a region or area, a consensus of and loyalty towards a distinct region