2190104
| Question | Answer |
| What is economics? | The study of how people use resources to survive and satisfy their needs and wants |
| human resources | people that use their skills to produce a good or service |
| Natural resources | from nature and are used in their natural form |
| capital resources | goods produced and used to make other goods or services |
| cash economy | income determines the goods and services a consumer can buy |
| What are values? | strongly influence our spending habits. The more important something is, the more we are willing to spend on it |
| values | The beliefs and practices in your life that are very important to you |
| scarcity | economic principle stating that because of limited resources, an economic system cannot possibly produce all the goods and services that people want. Decisions must be made. |
| Competition | a person or a group that you are trying to succeed against |
| Cooperation | a combination of people working together towards a common goal |
| economic development | creation of a better quality life |
| industry regulations | laws that keep canadians safe from diseases from foreign countries |
| tax incentives | goals or better quality products that the government uses to promote higher taxes |
| tax collections | taxes that are collected |
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