Systems
This system answers the question of what to make by making what people want
Market
Supply of a good drops, demand goes up, price result is ______
increased
Mixed economy, Canada believes in both _____ and _____ ownership
Public and Private
According to the textbook, America's motto is...?
Life, Liberty and the pursuit of happiness
This referee to the percentage of the workforce that does not have jobs
Unemployment Rate
This system answers the question of who gets what is produced by providing what citizens need
A drop in demand together with an increase in supply will lead to a price
Decrease
In Canada, when the government owns a business it is called a _____________
Crown Corporation
The USA believes that the best way to ensure the Public Good is to let ______________
Individuals to do their own thing
This term describes when a union ceases work to put pressure on employers to respond to issues that concert the workers
Strike
This system takes the bets of the other two economic systems
Mixed
In a market system, the price of a good or service is set by...?
Supply and demand
In the 1960's, the Canadian government shifted left when it introduced
Public healthcare
Because the USA is further to the right on the economic spectrum, it has more economic ____________ than Canada
Inequality
This term describes negotiating as a group. Not "Labour Union"
Collective Bargaining
all of these economic systems have to deal with the problem of __________
Scarcity
Canada's competition act is designed to protect consumers by limiting or stopping
Monopolies
Two reasons why the Canadian government owns crown corporations are...
Provide essential services, promote economic development, support Canadian culture
Unlike the USA, Canada will often give _______ to artists to support Canadian culture and identity
Grants
The government's response to the 1919 Winnipeg General Strike was to....
Use force to crush it
Together, land, labour and capital are referred to as the ________
Means or factors of production
Competition is great because in economic systems it leads to 3 benefits for consumers which are?
- Lower prices, better service, more choice
According to the textbook, Canada's motto is..?
Peace, order, and good government
As a market economy, the USA has less government ________ than Canada
Involvement
When you shift left on the economic spectrum, you have higher ________ and more __________
Taxes, and social programs