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September 2022 M T W T F S S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Category Archives: Economics
GLOSSARY of Banking Terms: Earn, Save, Give, Spend & General Financial Terms
Use this glossary of terms as a reference.
Direct deposit—the electronic transfer of money from one bank account to another.
- Income—money received in a given period as wages, interest, etc.
- Income tax—tax paid on personal income such as salary or investment income; regulated and collected by governments.
- Net income—the amount of money an individual takes home after deductions (which include income tax, CPP and EI).
- Profit—financial gain, the sum remaining after the deduction of expenses. See also Net income.
- Revenue—income made from sales or earned on investments or, as with government revenue, from taxes. Revenue is the money made before expenses are subtracted, in contrast to net income.
- Define economic system. Be able to explain the 2 main parts of an economic system.
- Identify and describe the four main types of economic systems. Give examples to show which economic system is most used in Canada today.
- Know the definitions of:
4. Key Vocabulary- Match the word in Column A to an appropriate term in Column B.
|Capital||1. The effort of humans to produce goods and services|
|Subsistence Farming||2. Goods and services that improve life and can be touched or counted|
|Labour||3. Factors that improve life but cannot be touched, such as human rights|
|Gross Domestic ProductGross National Product||4. The natural resources available to a culture for economic activity|
|Technology||5. Anything that can be bought or sold|
|Material Wealth||6. Resources used in economic activity that are not natural resources, for example, machinery and knowledge|
|Formal Economic Activity||7. Work for which records are not kept|
|Non-Material Wealth||8. Money used to make economic activities possible|
|Land||9. Loans taken out by a country to improve the quality of life of its people|
|Commodities||10. Rapid development of manufacturing, usually as agriculture is declining|
|Informal Economic Activity||11. Statistics that measure the value of goods and services in a country|
|Foreign Debt||12. Meeting the basic needs of survival|
|Industrialization||13. Work for which wages are paid and records are kept|
5. Applying Your Knowledge:
After viewing thestoryofstuff.com, explain how you think we should change our economy’s production and distribution methods.