Economic Systems
Name the economic system where most production decisions are made by private individuals and businesses.
A Market Economy
What is Scarcity?
Having limited resources for unlimited wants/needs
Name one "Economic Thinker"
Adam Smith
Karl Marx
John Keynes
F.A. Hayek
Tommy Douglas
Milton Freidman
This group works to protect workers’ rights and improve working conditions.
Labour Unions
In a command economy, this group decides what, how, and for whom to produce.
The government
Which economic system emphasizes government ownership and central planning of resources?
A Command / Planned economy
Define public good
Something that benefits society as a whole and is non-excludable/non-rival
Which economic thinker believed in the "invisible hand"
Adam Smith
This is one major benefit of labour unions.
Gaining rights for workers.
In a free market economy, these two forces largely answer economic questions.
Supply and Demand
Which system is controlled by supply and demand BUT has government regulations and taxes?
A Mixed Economy
What is a shift left?
A shift on the economic continuum towards more government involvement in the economy.
Who wrote the communist manifesto
Karl Marx
What is one disadvantage of labour unions?
Everyone must strike if the majority agrees.
Where does Canada fall on the economic spectrum? Explain.
in the middle, leaning slightly toward the market side of the spectrum (a mixed economy), because supply and demand guide many decisions, but the government still regulates industries and provides services like healthcare and education
Which system tends to value equality and cooperation over individual profit?
A Socialist / Mixed Economy
What is demand
The wants and needs of consumers for products and services.
Who is the furthest right leaning economist out of the bunch?
Milton Freidman
This is something that workers risk loosing when they go on strike.
Income/pay
What are the factors of production?
Land, labour, entrepreneurship, and capital
What economic system is this speaker most likely to support:
“When businesses compete for customers, it encourages better quality and innovation, shaping an economy driven by choice.”
A free market economy
Define "quality of life" as used in economics
A measure of citizens' overall well-being, happiness, and access to goods/services
What was Tommy Douglas known for?
Bringing universal healthcare to Canada
A negotiation process between employers and a group of employees (usually represented by a union) to determine employment terms and conditions, such as wages, hours, and benefits
Collective Bargaining
What are the economic questions?
What to produce, how to produce it, and for whom to produce it?