Economy- the resources and processes involved in the production, distribution and consumption of goods
Economic System- how a society organizes the production of distribution and consumption of goods
Scarcity- something someone has a low amount of or there is a low amount of
Land- area of land owned by someone or something with grass, trees etc.
Labour- doing work
Capital- the city representing a provine or state
Privately Owned- owned for a specific person or group
Publically Owned- anyone has access to this place
Public Good- good for the public and helps out others
Shift left- shifting more to a liberal position
Shift Right- shifting more to a consecutive position
Consumers- people who use stuff
Producers- people who make stuff
Supply - owning a supply of something
Demand- something you have that other people want or is wanted by others
Competition- people you are working against
Unemployment Rate- the percentage of the work force that do not have jobs
Strike- refusing to do something that you find unfair or unjust and so you go on strike
Collective Bargaining- negotiation as a group
Labour Union- a organization that works to protect others rights
