Supply + Demand
The point where the quantity supplied equals the quantity demanded.
What is equilibrium?
The social science that studies the choices that individuals, businesses, and the entire society make.
What is economics?
In this business structure, two or more people share ownership, profits, and responsibilities.
What is a partnership?
This measure represents the total value of all final goods and services produced within a country during a specific period.
What is Gross Domestic Product (GDP)?
Before money existed, people exchanged goods directly through this system.
What is barter?
When the price of a good is below equilibrium, this market condition occurs.
What is a surplus?
Published in 1776, this famous book outlined Smith's ideas about free markets and economic growth.
What is The Wealth of Nations?
A market structure with many buyers and sellers and low barriers to entry.
What is perfect competition?
This Canadian institution is responsible for conducting monetary policy.
What is the Bank of Canada?
Economists identify three main functions of money. Name one.
What is :
If production costs decrease, the supply curve generally shifts in this direction.
What is to the right (increase in supply)?
Smith argued that individuals pursuing their own self-interest could unintentionally benefit society through this concept.
What is the "invisible hand"?
A market dominated by a few large firms is known as this.
What is an oligopoly?
When the Bank of Canada lowers interest rates to stimulate spending and investment, it is using this type of monetary policy.
What is expansionary monetary policy?
This common trade barrier is a tax placed on imported goods.
What is a tariff?
The government sets a maximum legal price below equilibrium. This policy is known as a:
What is a price ceiling?
Marx argued that society was divided into these two major classes under capitalism.
What are the bourgeoisie and the proletariat?
A contractor accepts cash payments and does not report them to tax authorities. This activity is part of this economy.
What is the underground economy?
A government budget where expenditures exceed revenues is called this.
What is a budget deficit?
In what year did the only Canadian NBA franshise win a championship?
What is 2019?
What is the elastic demand of a car?
What is elastic
This theorist believed government intervention could help stabilize the economy during recessions.
Who is John Maynard Keynes?
In the Monty Hall Problem a contestant selects Door 1. The host opens Door 3, revealing no prize. Should the contestant switch?
What is yes, because switching increases the probability of winning from 1/3 to 2/3?
If inflation rises to 6% while the Bank of Canada is targeting 2%, what monetary policy action is most likely?
What is increase interest rates?
The Fifa world cup is being held in North America. Name 4 host cities.
What are:
Canada
Mexico
United States