TERMS
How a society organizes the production, distribution, and consumption of goods and services
Economic Systems
A capitalistic economic system in which there is free competition and prices are determined by the interaction of supply and demand
Market Economy
It is a company owned by Canada's government to provide products and services to Canadians
Today the United States's economy could best be categorized as a ____________ economy.
Market
This exists when there are not enough resources to satisfy human wants.
Scarcity
It means means land, labour, and capital are finite or limited
Scarcity
- move to more government involvement in economy
- is usually described as taking a more liberal position
Shift Left
What are some reasons for government to create crown corporations?
- to promote economic development
- to provide essential services
- to support Canadian cultures and identity
In a ___________ economy, decisions are made in the upper levels of government.
Planned/ Command
Competition usually will........ increase or decrease supply?
Increase
When economic production is owned by individuals
Privately Owned
- a move to less government involvement in the economy
- is usually described as taking a more conservative position
Shift Right
What are 2 crown corporations in Canada today?
Canada Post, Canadian Railway
Exclusive control of a business or industry is called a
Monopoly
Competition benefits consumers by leading to higher prices and lower quality
False, competition benefits consumers by leading to lower prices
Owned by the government and paid for by taxes
Publicly Owned
People who use products and services in a community
Consumers
What are 2 previous crown corporations that are now private?
Via Rail, Petro Canada
The freedom to own, operate, and profit from one's business is the basis for a ________ economic system.
Market
____________ provide(s) capital to buy new equipment.
Profit
An economic system combining private and public enterprise
Mixed Economy
Organization of workers that act to protect workers rights and interests
Labour Union
Which company below is a crown corporation in Alberta?
ATB Financial OR Canadian War Museum
ATB Financial
Which economies match these countries?
Russia (Soviet Union), USA, Canada
Planned/Command, Market, Mixed
What is it called when demand meets price
Equilibrium