Definitions
Those who use products and services from Market.
Who are Consumers?
It's been defined by private property, laissez-faire principles, individualism, and has been compared to a Jungle. The economic system of our southern neighbours.
What is a Market Economy.
Canada is known to be this type of economy.
What is Mixed Economy?
Raising taxes to help pay for social programs, providing businesses with supports during a recession would be an example of shifting left or shifting right?
Shifting Left
Under Armour, Adidas, Puma, and Nike all belong to this Economic Sector
What is the Private Sector (Privately Owned)?
Those who create products and services for market.
Who are Producers?
The furthest left you can reach on the spectrum. It loves collectivism and 100% Government involvement. Think Cuba and North Korea
The CBC, Canada Post, and the Royal Canadian Mint are all examples of Canadian Government Owned companies, also known as this.
What are Crown Corporations?
What is the motto of the USA?
Life, Liberty and the Pursuit of Happiness
US Postal Service, and Canadian Crown Corporations are known to be part of this sector.
What is the Public Sector?
When our ability to consume is greater than our ability to produce, this happens.
What is scarcity?
Occurs in an economy when a Conservative/Republican government takes over
True or False: A mixed economy means that both the individual and the government make economic decisions for the country?
What is True.
What does Quality of Life refer to?
The amount of happiness, health and comfort we experience in our every day lives
Land, Labour, Capital
When the Supply for a product can meet the Demand for a product at a particular Price
What is Equilibrium?
Which economic system would most likely experience a boom and bust cycle?
The free market economy
Under the current Liberal government, would Canada be in favour of mixing more or less government into the current economy?
What is more government?
While Cooperation values equity, its counterpart values creativity and believes that what's best for each person individually eventually adds up to Public Good for all of society.
What is Individualism?
Because of scarcity, we must ask these 3 questions in economics:
What will be produced? How will we produce it? How much will be produced? Who will get what's produced?
These deal with the production, consumption, and distribution of goods and services in a particular society.
What are Economic Systems?
In a planned economy, who OWNS the factors of production?
The government
In Canada things like education, health care, and pension plans are provided by the government. This is because of what underlying value of the mixed economy?
Collectivism/Cooperation
Canada bases their Economy on these principles, which allow them to have a system where the government can step in to make economic decisions for the Public Good.
What is Peace, Order, and Good Government.
What is a labour union?
Labour unions are organizations that protect the rights and interests of workers through collective bargaining.