Economic Foundations
This term describes the condition created when limited resources cannot meet unlimited wants.
Scarcity
In this type of economy, the government makes all decisions and owns all resources.
What is a Planned Economy (or Command Economy/Communism)?
This state is reached when the supply of a product exactly meets the demand at a particular price.
Equilibrium
This U.S. President introduced the "New Deal" to combat the Great Depression.
Who is Franklin Delano Roosevelt (FDR)
These organizations represent worker needs and engage in collective bargaining with employers
Labour Unions
These are the three "Factors of Production" required to produce all goods and services.
Land, Labour, and Capital?
This economic system combines private ownership with government control and is used in Canada.
Mixed Economy
When demand for a product goes up and supply drops, this is the typical result for the price.
price goes up?
He was the Canadian Prime Minister during the 1960s who introduced the national health care system
Lester Pearson
This is the term for selling government-owned businesses, like Petro-Canada or Air Canada, to private companies
Privatization (or deregulation)
These are the three primary "needs" humans must take care of before addressing unlimited wants.
food, shelter, and clothing?
This phrase describes a move toward more government involvement in the economy.
Shift Left?
This occurs when one producer controls the entire supply of a product or service, putting consumers at their mercy.
Monopoly
This U.S. President in the 1980s implemented "Reaganomics," which involved tax cuts for the wealthy and deregulation.
Ronald Reagan
Companies owned by the Canadian government, such as CBC or Canada Post, are known as these.
Crown Corporations
This is the study of how individuals and societies choose to use their scarce resources to produce and buy goods and services.
Economics?
At this end of the spectrum, individual consumer choices drive decision-making and resources are privately owned
Market Economy (or Capitalism)
Competition is considered good for producers because it forces them to be these two things
innovative and efficient
This former global power is used as the primary historical example of a Planned Economy.
Soviet Union (USSR)
The right for workers to strike in Canada is protected by this section of the Charter of Rights and Freedoms.
What is Section 2?
These are the three basic economic questions every nation must answer to determine its economic system.
What is needed or wanted, how will it be produced, and who will receive it?
These are the two primary factors that can affect a nation's position on the Economic Continuum.
What are the current state of the economy and the political party in power
This phase of the business cycle is the "upswing" spurred by new consumer demand or government stimulation
Recovery
The Canadian Prime Minister during the 1980s shifted Canada right by privatizing this many Crown Corporations.
23
After Alberta privatized liquor stores in 1993, the number of available products increased from 3,325 to this many.
12,537