Supply, Demand, Supply!
Supply and Demand both have an effect on what aspect of the economy?
Pricing
What are two examples of government intervention in the economy?
Labour laws, funding, government assistance
In Canada, the economy is considered...
Mixed
What is the end goal of a strike?
To bring about change at the workplace.
What is scarcity?
The idea that resources are finite and determined by three factors of production.
The quantity of sellable radios is an example of which term?
Supply of goods
Which type of economist would support an increase in funding towards Canadian artists?
A mixed economist
Which economic system emphasizes equality, collectivism, and shared resources
Planned Economy
How does a strike differ from a boycott?
A strike stops workers and a boycott stops consumers.
A 90-acre field and the wheat on it relate to which factor of production?
Land
How often an accounting company can do business for customers is an example of which term?
Supply of services
Why might the government regulate how much a company pays their workers?
To ensure fair pay and public safety.
What does it mean that a company maintains a monopoly?
Said company has total production and sale of a particular product or service in a specific area.
What is a labour union?
An organization dedicated to the betterment of unionized workers.
Funding and farming equipment relate to which factor of production?
Capital
Why might the price of a good or service increase?
The demand increases
or
The supply decreases
Up until the mid 20th century, how did government respond to worker strikes?
With violence and arrests
Explain an exemplify a "shift right."
Government action leading closer to a market economy.
Ex. lower taxes, less gov't spending, a reverse in regulations
How does a strike accomplish its goals?
Interrupt society's operations
Put at risk the profits of a company
A driver and the processor he operates relate to which factor of production?
Capital and Labour
The production of Canada Goose jackets slows down. What happens with supply, demand, and pricing (in proper order)?
The supply is low. The price increases. The demand decreases.
Identify three reasons that the government intervenes in the economy.
To protect the environment.
To ensure the essentials are provided.
To ensure the affordability of essentials.
To prohibit price-fixing.
To Ensure public safety
To ensure public knowledge
What are two things a market economist would value?
Private ownership. Freedom of choice. Self interest. Limited Government. Competition.
How would a market economist react to labour unions and why?
They would be opposed because they interrupt and intervene on goods and services/ wants and needs.
Identify and explain the three factors of production.
Land - the physical land and all natural resources on it.
Labour - the effort required to produce (Workers)
Capital - the man-made resources used for production