Nature of Economics
Supply and Demand
Macroeconomics
Global Issues
Economic Decision Making
100
Concerned with those things that satisfy human wants.
What is economics?
100
For most products, as the price increases, consumer demand for the product drops.
What is the law of demand?
100
Measures the total value of all final goods and services produced by Canadian-owned firms in Canada and anywhere around the world.
What is GNP?
100
A region or nation can produce a product using resources more efficiently than another.
What is absolute advantage in trade?
100
It entails caring for the sacred gifts God has entrusted to our care.
What is stewardship?
200
The amount of money that households have available for spending and saving after income taxes have been accounted for.
What is disposable income?
200
Statements that are subjective (opinion based) and often include the words “should” or “ought”.
What is a normative statement?
200
A widely used indicator of inflation (or deflation) and indicates the changing purchasing power of money in Canada.
What is the Consumer Price Index?
200
The control the government has over Canadian radio and television programs put into place to protect Canadian culture.
What is CRTC?
200
It is 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?
300
The mistaken belief that individual benefit will automatically translate into social benefit.
What is the Fallacy of Composition?
300
When companies compete based on other means than price they are engaged in.
What is product differentiation?
300
Used to measure the change in average consumer prices excluding certain items in the CPI with volatile price movements.
What is Core Inflation?
300
A paradoxical situation in which countries with an abundance of non-renewable resources experience stagnant growth or even economic contraction. This occurs as a country begins to focus all of its energies on a single industry, such as mining, and neglects other major sectors.
What is the resource curse?
300
It is a statistic about an economic activity and allows analysis of economic performance and predictions of future performance.
What is an economic indicator?
400
The political orientation that combines free market economy with non-democratic or authoritarian form of government.
What is Fascism?
400
The quantity of the product that consumers are willing to buy over a period of time which equals the quantity producers are willing to supply.
What is the equilibrium?
400
Believed that it was so important to minimize unemployment during economic slow-downs that government should intervene to create employment opportunities.
Who is John Maynard Keynes?
400
An international organization that deals with the rules of trade in goods and services with the goal of improving the welfare of the people within their country.
What is the World Trade Organization (WTO)?
400
It is based on life expectancy at birth, educational attainment (adult literacy and school enrolment rates) and income per capita.
What is the Human Development Index (HDI)?
500
Believed that eventually population would grow food supply.
Who is Thomas Malthus?
500
These are markets dominated by a few large companies. The products range from identical to having some product differentiation.
What is an oligopolistic market?
500
Set of decisions a government makes, usually through its central bank, about the amount of money in circulation in the economy.
What is Monetary Policy?
500
The economist who was the first to recognize the concept of comparative advantages.
Who is David Ricardo?
500
They began in the 1960’s and worked to make certain that producers in developing countries were paid a fair price for the goods consumed in the developed world.
What is the Fair Trade movement?
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