Core Economic Concepts
When demand goes up, what do we anticipate will happen to supply?
Go down.
Canada has a WHAT type of economy?
Mixed
Name 3 major things the government spends money on.
There's like a million!!!! The biggest three are pensions, healthcare and education.
What are "entrepreneurs"?
Those who:
-Take risks
-Have an innovative idea
-Can market their idea well
How badly people in the economy want something.
Demand.
What is "capital"?
Investment money. What $$$ goes into getting all the tools necessary?
What does "public sector" mean?
What would a "shift left" look like?
An increase in government spending or intervention in the economy.
Name two things that labour unions will be concerned about.
Wages, benefits, pensions, working conditions
Businesses that operate in the private sector, but are funded or even run by the government.
Crown corporation.
What is a way businesses can lower demand for a product?
Raise price; or produce more.
"A type of economy with the LEAST consumer control" is called a WHAT?
Planned / Command Economy
Why might the government set up a Crown Corporation?
-Guarantee Canadians' access to important goods/services
-Promote economic development
-Support Canadian culture
What does "The American Dream" mean?
The idea that anyone, if they work hard enough and have a good enough idea, can become rich and successful.
Consumers.
What is "equilibrium"?
The convergence of Supply & Demand; at equilibrium, a product is at its most profitable.
Name the three main types of economic system from LEFT to RIGHT.
Planned/Command, Mixed Economy, Market Economy
Protect:
-Consumers, employees, unions, environment, wages, important national industries, competition
What is the main way unions can put pressure on employers?
Strikes.
The negotiation of wages, benefits, or working conditions by an organized group of employees or a union.
Collective bargaining.
What three factors make up scarcity?
-Land
-Labour
-Capital
Name 2 benefits of a Market Economy
-Efficiency
-Growth
-Freedom / Consumer Choice
-Lower Taxes
What is a potential advantage of a monopoly?
To protect national industry (ie. guarantee high prices for grain so farmers can make money)
Why are unions better at negotiating than individual employees?
Because it is harder for companies to ignore workers if they are all united.
"The percentage of the population currently looking for work, but are not in the workforce."
Unemployment rate.