Economics

What are the 5 Productive resources

100

: includes all natural resources used to produce goods

what is land 

200

physical and mental effort contributed by people to producing goods and services

What is labour 

300

machinery, factories, warehouses, and equipment used to produce goods and services

What is capital 

400

firm’s ability to maximize output from resources available, usually measured as firm’s output per worker.

What is productivity 

500

contribution made by owner, manager, or innovator who organizes land, labour, and capital to produce goods and services

What is entrepreneurship

the 4 types of Economic Systems

100

bartering - trading goods or services without monetary system

Traditional Economy

200

production decisions are made by government-appointed central planners

What is command economy 

300

• production decisions are made by actions of buyers and sellers in marketplace

 what is a market economy 

400

contains elements of market, command, and traditional systems

what is mixed economy

500

2+2

what is 4

Four Political Economies

100

economy characterized by private ownership of business and industry, profit motive, and free markets

Capitalism 

200

political system on extreme left, founded on theory of Karl Marx 

government or community ownership of means of production

What is communism 

300

political system of moderate left  public ownership (not private) of principal means of production, to be achieved in democratic and peaceful manner

What is Socialism

400

political system on extreme right, combining free-market economy with non- democratic form of government

what is fascism

500

2x5

10

5 economic goals

100

• attempt to reach optimal production targets  governments promote full employment of the labour force

What is full employment

200

• freedom of choice available to workers, consumers, and investors in economy

what is economic freedom

300

fluctuating prices complicate planning and discourage investment

what is PRICE STABILITY

400

• increase in economy’s total production of goods and services

what is ECONOMIC GROWTH

500

• with very few exceptions, government spending in Canada has increased faster than revenues being collected through taxes  Canada’s public debt grown larger year after year

what is reduce public debt

Economic System and Production Questions

100

what is the first question you ask 

what to produce

200

second thing you ask

how to produce

300

last thing you ask

for whom to produce

400

24-13

11

500

9+10

21 or 19