Social 9 - Ch 6 - Economic Systems

The STUDY of the production, distribution and consumption of goods and services

• Economics

• Scarcity

• Market economy

an economy that combines private ownership and government control.

• Economics

• Economic system

• Mixed economy

• Market economy

an economy where there is NO government involvement. It is primarily based on the choices of consumers and businesses

• Command (planned) economy

• Mixed economy

• Market economy

an economy where the government makes all of the decisions about how it will run

• Command (planned) economy

• Scarcity

• Mixed economy

the idea that land (materials), labour and capital (money) limit the supply of what people want and need (IE there is never enough to go around)

• Command (planned) economy

• Scarcity

• Privately owned

in economics, the part of the economy owned and controlled by businesses and individuals

• Publicly owned

• Scarcity

• Privately owned

in economics, the part of the economy owned and controlled by government and paid for with taxes

• Publicly owned

• Scarcity

• Public good

what is best for society as a whole

• Individualism

• Scarcity

• Public good

what is best for each person individually adds up to what is best for society

• Individualism

• Crown corporation

• Shift Left

a company owned by Canada’s government established to provide products and services to Canadians.

• Consumer

• Crown corporation

• Producer