All residents in Canada who have jobs as well as those who are actively seeking employment
What is the Labour Force?
100
Sellers set the price as high as possible for what reason
What is to make a profit?
100
20% unemployment rate
What is the Great Depression of 1929-1933?
100
Equation that represents real GDP growth rate
What is Real GDP Growth Rate = (real GDP year 2 - real GDP year 1)/ real GDP year 1 X 100
100
The phases of the business cycle
What is expansion/recovery; peak; recession/contraction; trough?
200
Government taxation, spending and borrowing policies used to try to stabilize the economy
What is Fiscal Policy?
200
The quantities that sellers will offer for sale at various prices during a given period of time is known as ...
What is Supply
200
Spend your way out of depression by hiring unemployed workers in major public works projects
What is how to get out of depression?
200
Equation that expresses the inflation rate
What is inflation rate= (CPI year 2 - CPI year 1)/CPI year 1 X 100
200
Poverty defined as lacking basic essentials for survival
What is Absolute Poverty?
300
The labour force expressed as a % of the total employable population
What is Participation Rate?
300
The two factors that demand depends on
What is income and desire?
300
The three pillars of the Canadian Social Welfare System
What is health, education and income security?
300
Population size, non-market production not a measure, and underground economy are all examples of this
What is drawbacks to GDP?
300
Poverty defined as lacking the conditions of life enjoyed by most people in the same economy
What is Relative Poverty?
400
Any uses of income that cause $ to be taken out of the income-expenditure stream of the economy
What is Leakage?
400
The quantity of a good or service that buyers will purchase at various prices during a given time is known as this
What is Demand?
400
Taxing incomes, taxing assets and taxing spending are all examples
What is how the government generates revenue?
400
If we add up all the income that is earned by the different factors of production in producing the final goods and services, it gives us this approach
What is the Income Approach?
400
Decreased prices, production and income, with an increase in unemployment
What is recession?
500
Any expenditure that causes $ to be put into the income-expenditure stream
What is Injection?
500
A physical place where a product is bought and sold; used in a collective sense to refer to all the buyers and sellers of a particular good or service; the demand that exists for a particular product or service
What is the market?
500
7% in Canada
What is the Unemployment rate?
500
For every 1% that the actual unemployment rate exceeds the full employment rate, there is a 2% gap in the GDP
What is Okun's Law?
500
Increased spending, production, price, income and a decrease in unemployment