Economics Concepts

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Economy

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The resources and processes involved in the production, distribution, and consumption of goods and services.

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Economic System

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The way society organizes production, distribution, and consumption of goods and services.

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Supply and Demand

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Economic model of prices determined in a market.

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Competition

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A rivalry among products to sell products to consumers.

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Monopoly

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When one producer controls all supply of a product or service.

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Crown Cooperation

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A company owned by Canada's government to provide essential services.

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Labor Union

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An organization of workers that acts to protect workers rights and interests.

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Collective Bargaining

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A negotiation between employers and a group of employees aimed at agreements to regulate working conditions.

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Public Good

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Services or products that benefit all members of society.

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Privatization

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The process of transferring ownership of businesses or services from the public sector to the private sector.