A natural business cycle characterized by incredible prosperity and growth followed by terrible downturns and depressions.
What is Boom-Bust Cycle
100
This man’s contribution to economics led most of the world to adopt his ideas of competition and free markets with the idea that the invisible hand of self-interest would benefit everyone.
What is Adam Smith
100
An economic system based on the free market but has limited government intervention to regulate the boom-bust cycle and offer social welfare programs.
What is Mixed
100
Which type of economic system does Canada have?
What is Mixed
100
This team last won the Stanley Cup 100 years after Canada became the Dominion of Canada.
What is Toronto Maple Leafs.
200
The conflict between limited supply of resources and the unlimited demand based on human need and wants.
What is Scarcity
200
He embarked on a set of government reforms to assist relief, reform and recovery. Not a bad deal, Id say.
What is FDR
200
A system where supply and demand determine prices and distribution, set wages and have little protection for employees, consumers and the environment.
What is Free Market
200
T or F:
An increase in wages results in Lower prices for goods and services.
What is False
200
This legend was the first player to surpass 200 goals in a single season.
What is Wayne Gretzky
300
When the economy stagnates in addition to having a high rate of inflation at the same time.
What is Stagflation
300
This President embarked on a set of policies using supply-side economic principles and favoured trickle-down economic policies
What is Reagan/Reaganomics
300
In order to encourage rapid economic and industrial growth, this leader implemented a command and centrally planned economy that included 5 year plans and collective agriculture.
What is Josef Stalin
300
What is the main vulnerability of the free market economy?
What is Boom- Bust cycles
300
Leading Team Canada to victory in 1972, he scored the game-winning goal in the sixth, seventh and eighth games.
What is Paul Henderson.
400
Government policies that assumes everyone will eventually benefit as wealth trickles down from industries that are favoured.
What is Trickle –Down Economics
400
A critic of the collectivism, his theory of economics influenced Margaret Thatcher as he believed governments did not have enough information to decisions about controlling demand.
What is Hayek
400
An economic system where the state owns the means of production and property, and determines which goods to produce and how to produce them.
What is Command
400
This is a distinct disadvantage of command economies - too many people sitting around, Id say.
What is it eliminates individual incentive
400
This Penguin's Player means flower in bloom, which is why his mask always began to feature artwork of flowers, with a fleur-de-lys on the back.
What is Marc-Andre Fleury
500
Government programs that provide a social safety net for workers.
What is Welfare Capitalism
500
An economic theorist that proposed the flaws in capitalism would be fixed by allowing government intervention to manipulate the demand for goods and services by using recession financing and prosperity policies.
What is Keynes
500
Lowering taxes on corporations, the government can stimulate investment in industry, raising production, controlling inflation, and bringing down prices.
What is Supply-Side
500
According to proponents of free market economics, the main role of government should be this (think monetarism).
What is Regulate Money Supply
500
This Canadian goaltender is considered to have won the most games in NHL history, earning him 61.3 percent of all available points.