The study of the system of human activities related to the production, distribution, exchange and consumption of goods and services.
What is Economics
100
When the price of a product increases and the demand for the product drops.
What is elasticity
100
The difference between GDP and GNP
What is GDP measures production in Canada only and GNP measures the total value of all final goods and services produced by Canadian-owned firms in Canada and anywhere in the world.
100
The currency of one for the purpose of conversion to another
What is an exchange rate
100
fair prices are paid to producers in developing countries
What is Fair trade
200
Known as the "Father of Communism"
Who is Karl Marx
200
Decrease in price of competing products, bad publicity and recession leading to decrease in disposable income for consumers.
What is factors leading to decrease in demand
200
When an economy is either in a recovery phase or a boom phase.
What is Expansion
200
France produces more Wine than Italy within an hour.
What is Absolute advantage
200
A Statement is one that is subjective and value based, expressing a judgment about whether a situation is desirable or undesirable.
What is a normative statement
300
A complex or intricate system consisting of interdependent institutions, groups and people, involving a series of interdependent transactions and involves numerous transactions that create two circular flows.
What is an Economy
300
When the selling price is greater than the equilibrium price.
What is a surplus
300
Rising commodity prices, food prices, devaluation in the dollar and higher taxes and living standards.
What is Stagflation
300
Protection of culture, retaliation, improved terms of trade, diversification
What is Restriction of trade
300
The measure of the amount of carbon dioxide - the major human-made global warming greenhouse gas - that goes into the atmosphere as you go about your daily life.
What is a Carbon footprint
400
Canada an example of.
What is a mixed market economy
400
The Law of diminishing marginal utility.
What is the law of economics stating that as a person increases consumption of a product, while keeping consumption of other products constant, there is a decline in the utility derived by that person.
400
Expansion, peak, contraction, recession,trough
What is Phases of the Business cycle
400
Financial difficulty for acquired company
-Take advantage of international distribution networks
- Accessibility to markets that were less so when not foreign owned
What is reasons for companies to merge or be acquired by others.
400
A statistic about an economic activity that allows an analysis of economic performance and predictions of future performance.