Definitions
On the economic spectrum, if a country was to shift to the left there would be more government involvement.
True or False
True. The government may take more control of the resources and may decide what needs to be produced.
Equilibrium is the supply of a product can meet the demand for a product at a particular price.
True or False
True
Labor Unions protect workers rights
True or False
True
Define Economics
The study of how people use limited resources to satisfy their wants and needs.
What is a producer?
a person who uses resources to create goods and/or services
Name at least 1 of the factors of production.
*If you can name all 3 you get an additional 200 points*
Land, Labour, Capital
Price goes up.
Describe what happens to demand.
Demand would decrease
because consumers do not want to pay a lot of money for a product.
What 3 things does a market economy believe in that will serve the publiuc good
Independence
Individualism
Competition
What is scarcity?
The idea that land (materials), labour and capital (money) limit the supply of what people want and need
We have unlimited wants and needs VS limited resources
Name the three economic systems.
Command, mixed, and market economies.
Price goes up.
What happens to supply?
Supply with increase.
Fewer consumers buy the product, so the supply--or availability of the product--goes up.
Mr. Scott bakes cookies in the morning and sells them. In economics terms he is considered _________?
a producer
What 2 things does a mixed economy believe in that will serve the public good
What is a Crown Corporation?
A company owned by Canada’s government to provide products and services to Canadians.
If demand increases what happens to price?
Price increases.
(If demand goes up, the supply will decrease. This drives up the price of the product, because more consumers compete for the limited supply available.)
In the 3 factors of production 'money' is referred to as?
capital
When the government requires businesses to do safety checks or have a minimum wage it is called ________
Regulation
What is collective bargaining?
Negotiating as a group. Collective bargaining is the key right established by unions for workers.
Fill in the blank.
If demand decreases price will ____________.
CBC is an example of _______ __________
Crown Corporation
What are the three economic questions? Full questions required.
What to produce?
Who gets what is produced?
How to produce it?