Category Archives: Economics

Banking Glossary: Earn, Save, Give, Spend, and General Financial Terms

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.


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Grade 8 Geography: Economics

Economic Systems plan – Workbook.pdf

  1. Define economic system. Be able to explain the 2 main parts of an economic system.
  2. Identify and describe the four main types of economic systems. Give examples to show which economic system is most used in Canada today.
  3. Know the definitions of:
  • market,
  • consumer,

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, explain how you think we should change our economy’s production and distribution methods.


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