Economic System: The system of production and destribution and consumption.
Scarcity: Insufficiency or shortness
Land: An area of ground with specific boundaries
Labour: In general, work
Capital: The height of a group
Privately Owned: Something owned and can only be accessed privately; without publicity
Publically Owned: Something owned and can be accessed publicly; by anyone in general
Public Good: Benificial for the public; for a group
Consumers: Users of a product
Producers: Creaters of a product
Supply: To furnish or provide of a product
Demand: To ask for
Competition: Different views of something, and to be against other views
Unemployment Rate: The rate at which people are losing their jobs in a specific area
Strike: A rebellion; a group going against something
Collective Bargaining: To bargain or to make a deal through a large group
Labour Union: an organization of wage earners or salaried employees for mutual aid and protection and for dealing collectively with employers
