| A | B |
|---|
| Law of Supply | as the price of a product increases, producers will be willing to make more of the product |
| Law of Demand | as the price of the product increases, consumers will be willing to buy less |
| Equilibrium | the producer can sell at a profit, and the consumer agrees to pay the asking price |
| Disparity | The state of being unequal – opposite of equality |
| Anti-Trust Laws | legislation by which the American government breaks up any large business group that may be acting as a monopoly to suppress competition |
| Monopoly | A market dominated by a single seller |
| Capitalism | an economic system based on private property, competition, and the freedom to trade without government interference (free enterprise |
| capitalism | refers to the idea that individuals are permitted to own capital goods |
| Invisible Hand | A natural pattern of production and prices that is controlled by individuals and which benefits others and the economy. |
| laissez-faire | let the government leave the economy alone (let be) |
| Economics | The study of the production, distribution and consumption of goods and services |
| Economic Systems | the way a society organizes the production, distribution and consumption of goods and services. |
| Public Good | What’s best for society as a whole. |
| Crown Corporation | A company owned by Canada’s government to provide products and services for Canadians |
| Scarcity | the idea that materials, labour, and money limit the supply of what people want and need. |
| Unemployment Rate | The percentage of the workforce that does not have jobs |
| Collective Bargaining | Negotiating as a group |
| Economy | The resources and processes involved in the production, distribution and consumption of goods and services |
| Shift Left | A shift toward more government involvement in the economy |
| Shift Right | a move for less government involvement |
