Economic Decision Making
Economics of Supply and Demand
Macroeconomics
Global Issues
Economic Decision Making 2
100
Often referred to as the science of opinion.
What is economics?
100
As the price of a product increase, demand for that product drops.
What is The Law of Demand?
100
It measures the total value of all final goods and services produced by Canadian-owned firms in Canada and anywhere in the world.
What is Gross National Product (GNP)?
100
CRTC.
What is the Canadian Radio-Television and Telecommunications Commission?
100
The measure of the amount of carbon dioxide that goes into the atmosphere as you go about your daily life.
What is a carbon footprint?
200
The benefit you could have received by choosing another action.
What is opportunity cost?
200
How consumers react to price changes.
What is elasticity?
200
The belief that prices of a product will increase more in the near future so he or she may be motivated to buy more items today – to avoid future price increases.
What is inflationary psychology?
200
The ability to produce goods and/or services at a lower opportunity cost than other firms or individuals.
What is comparative advantage?
200
Used by government and private business to anticipate what will occur in the future.
What is economic forecasting?
300
An economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's citizens and businesses and there is little government intervention or central planning.
What is a market economy?
300
Examples include; The Canadian Armed Forces, police and court system, Canada Post, liquor stores, railways and airports.
What are public services?
300
Refer to slide show image 1.
What is the business cycle?
300
Tariffs, transportation costs, export taxes, quotas and subsidies.
What are barriers to trade?
300
Obtaining access to nutritious food and consuming at least 2700 calories per day.
What is food security?
400
A Scottish moral philosophy professor, author of The Wealth of Nations, believer of the Market system.
Who is Adam Smith?
400
Increase/decrease in production costs, technological changes, owner psychology and increase/decrease of competition.
What are causes of change in supply?
400
Money that is saved or taken by the government in the form of taxes (circular flow of income).
What is leakage?
400
Refer to slideshow image 2.
What are Canada's balance of international payments?
400
This country provides affordable health and dental care and an entitlement to preschool daycare.
What is Sweden?
500
A very complex or intricate system, dynamic and subject to movements and exchanges, consists of interdependent people, groups, and institutions, involves a series of independent transactions motivated by economic goals, and involves numerous transactions that create two circular flows.
What are the characteristics of an economy?
500
Product quality, services, location and accessibility and promotion and packaging.
What is product differentiation?
500
GDP = C+G+I+(X-M) C=? I-? X=?
What are consumer expenditures on goods and services, government capital investments and exports?
500
Refer to slideshow image 3.
What is an absolute advantage by Country B?
500
These two problems or issues present an urgent call to stewardship.
What are global scarcity and environmental pollution?
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