Mixed and Market Economies
Where does a planned economy sit on the economic spectrum?
On the far left
What is a Crown Corporation?
A publicly owned and operated business
What is the name of Mr.Gordon's cat?
Zeike 'Isaac' Gordon
What is supply?
The amount of a product or service
What is competition?
How much government involvement is likely to happen in a market economy?
Only small amounts
Why does Canada create Crown Corporations?
As an essential service provider
As an economic developer
To protect Canadian culture and identity
How many layers of ice are underneath an NHL rink?
12 or more
What is demand?
The number of consumers who wish to purchase the product or service
What are the benefits of competition?
Competition may force businesses to provide higher quality products at cheaper prices to remain competitive
Which country has the economic slogan: 'peace, order and good government'?
Canada
What is the term for when a Crown Corporation is sold to a business or individual?
It is privitized
Align together for a brief moment
What happens to supply when demand goes up?
Which economic system believes in competition?
Market economies
How might a market economist view taxes?
Only minimal amounts, government should not have a large role in the economy
Why might the government of Canada sell a Crown Corporation?
Newfoundland and Labrador (1949)
What happens to price when supply is low and demand is high?
Price goes up
What does monopoly mean?
When a single business or entity offers a good or service *remember ICBC
In a mixed-market economy, what does a privately owned business and a publicly owned business mean?
Private businesses are ones owned by a corporation or individual. Public is a government-owned and operated business not run for profit
Why does Canada often need to create Crown Corporations to provide essential services?
Businesses are either unwilling or have informed the government that it is not economically possible for them to invest the large infrastructure cost of an essential service (telephone lines, air planes/airports) at a cost that will be affordable and profitable.
Which popular video game has a movie adaptation coming to theaters this summer?
Minecraft
How might price lower demand for a good or service?
Price might be too high which decreases the demand
In class we discussed a CBC article on supermarkets in Canada. What was the biggest reason consumers in Canada were upset at supermarkets?
They felt that there was not enough competition and that we needed more companies coming into the food market in Canada