Summary
Economics 9 summary
- Course
- Social studies
- Institution
- 9th Grade
This document summarizes economics 9, making it easy to review and go through. It also has a list of crucial vocabulary.
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What is economics? Privately owned- Owned and controlled by business and/or
- Unlimited wants, satisfied by limited resources
individuals
- Study of :
- Production Publicly owned
- Owned and controlled by the government
- Consumption
- Paid taxes for
- Distribution
Scarcity Types of economies
- Basic factor of economic system Planned economy
- Land - Government makes all decisions and are really
- Where the work takes place involved in the economy
- Farms - A lot of publicly owned government services
- Factory - Consumers have little to no influence in
- Labour economy
- People who work for the resources - No competition
- Farmers - In countries like China, Russia, North Korea
- Factory workers Mixed economy
- Capital - Private ownership and competition is very
- Money spend revolving around important but the government is also involved
production of resources in a mixed economy
- Investments - Government has more regulations on
- Loans business, compared to a market economy
- Money on supplies - Supply and demand are factors for production
- Idea that materials, labours, and money limit and pricing
the supply of what people want and need - Government provides welfare services (some)
Unlimited resources - In countries like Canada
- Resources that exceed the need the need of - More allowance given to products deemed as
consumers essential
- Air Market economy
- Water
- Decisions on production is made from the
Limited resources supply and demand of the goods
- Resources that are not easily accessible to
- Government has little to no intervention in the
consumers
economic system
- Fossil fuels
- Has a lot of privately owned services
- Food
- Lots of competition
- Heat
- Belief in competition, private ownership,
- Special metals
efficiency, consumer sovereignty
, - Consumers drive the production and prices of 3 basic economic
goods by the choices they make when questions
spending money - What should be produced?
- Sometimes government intervention can be - How should it be produced?
found, this happens when the government
- Who should have access to the products?
protects consumers from laws
- In countries like the USA
Quality of Life
Labour Union
- A group usually made up of people in a similar - The extent to which a person or a group of
industry people are able to achieve well-being
- First started to appear in Canada in the late Indicators of Quality of
1800s life
- Decisions about working conditions and pay - To what extent the basic needs ( food,
must coincide with the union clothing, shelter, etc) are met
- Unions have lead to changes in government - Factors like social and spiritual well-being
legislation are also necessary
- This legislation protects workers who try to - To ability of speak your own
demand change and makes sure people cannot language
be fired simply for attempting or succeeding - Practice religion
to form a union - The degree to which a person can access
What roles do consumers services
play in Market and Mixed - Healthcare
Economies? - Education
- Consumers are the largest driving force in the - Political and economical situations
production of goods - Ability to vote
- Because most aspects of these economies are
privately owned, companies want to produce How does individual
what they know they can sell consumer behaviour
- Consumer sovereignty impact quality of life?
- When consumers drive production by
- By consumers demanding certain things from
choosing what they will or will not
companies many changes can be made in the
buy
overall quality of life
- Helps drive competition as companies try to
- Introduction of more eco-friendly
make profit and also make sure that their
products have made an impact on
products are of quality
the quality of life
- Consumers can also influence business
practices by refusing to support a company
known to abuse labourers or not adhere to
environmental standards.
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