Economics
What is a Mixed Economy?
Bonus Points (50): Name a country that is a mixed economy.
What is a mix of public and private ownership. Both individuals and the government influence economic decision making.
What happens to price and demand when supply goes down?
What is they both go up
What is an union?
What is an organization formed by workers who join together to advocate for better working conditions
Who is Employed?
Who is the number of adults actively working
What is land?
What is thee materials found in the natural environment and includes renewable and non renewable resources
What is a Market Economy?
Bonus Points (50): Name a Country that is a market economy.
What is an economy that allows the consumers and the businesses to solve economic problems with little to no government help.
What happens to price and demand when supply goes up?
What is they both go down
What is collective bargaining?
What is the act of a group of workers in a union negotiating as a group with an employer
What is the labour force?
What is the total number of adults who are either employed or unemployed
What is labour?
What is the workers needed to produce goods and services.
What is a Centrally Planned Economy?
Bonus Points (50): Name a Country that is a market economy.
What is the government makes all the decisions about the economy.
What is equilibrium?
What is when the supply and demand for a product are the same
What is a strike?
What is when workers stop working till certain conditions are met
Who is considered unemployed?
Who is anyone actively seeking work and not getting any
What is capital?
What is the money used to purchase equipment and pay employees
What is economics?
What is the study of production, distribution, and consumption of goods and services.
What is Price Fixing?
What is the act of companies all setting their prices the same. (This is illegal)
What can unions influence?
What is wages, working conditions, benefits
Who is in the adult population?
Who is anyone 16 and older not in the military, prison, or in nursing homes
What is the trickle down effect?
What is Scarcity?
What is the boom and bust cycle?
What is the highs and lows of an economy
What is a labour law?
What is a legal framework that regulates the relationship between workers and employees
How is the unemployment rate calculated?
What is by taking the amount of unemployed divided by the civillian labour force
What is consumerism?
What is the more that people buy the better it is for the economy