Economy
What is a planned economy?
An economic system in which the state controls and directs all economic activity.
How does a market economy work?
Where two forces, known as supply and demand, direct the production of goods and services.
What is a labour union?
An organisation or workers that acts to protect workers right and interests.
What is scarcity?
When the demand for a good or service is greater then the availability of the good or service.
What is a market economy?
An economic system in which prices and production are determined by unrestricted competition between privately owned businesses.
What are some values of market economies?
1. Freedom
2. Self interest
3. Competition
4. The law of supply and demand
How does a planned economy work?
Where the price and allocation of resources, goods, and services is determined by the government rather then anonymous agents.
What are the advantages of a labour unions?
1. A safer and fairer workplace
2.Better pay and benefits
3.Work- life balance
4.Regular wage increases
What is supply?
The products and services created by producers.
What is a mixed economy?
An economic system that includes elements from both planned and market economies.
What are some values of a planned economy?
1. Ownership
2. Price setting
3. Distribution
4. Production
What programs are under mixed economies?
1. Market regulation programs
2. Consumer protection program
3. Public goods and infrastructure programs
4. Taxation redistribution programs
What are disadvantages of labour unions?
1. Portion of worker income goes to union dues
2. Workers enjoy less autonomy and must abide union rules
3. Risk of unpaid stoppages of work that are outside of the workers control
What is demand?
The wants and needs of consumers for products and services.
What type of market corresponds to a jungle and what type corresponds to a zoo?
Jungle- Market economy
Zoo- Planned economy
What programs are under market economies?
1. Social safety net programs
2. Monetary policy programs
3. Regulatory programs
4. Welfare programs
5. Taxation programs
What economic question must be answered by all economic systems?
1. What is getting produced?
2. How is it produced?
3. Who gets it?
What do unions try to get?
1. Fair working conditions
2. Improved wages
3. Improved benefits
4. Protects workers interests
What is a union?
An organization of workers whose purpose is to maintain or improve the conditions of their employment.
What happens when supply or demand changes?
When one or the other changes it causes either supply to increase or decrease while demand does the opposite. This causes either a shortage or abundance of goods or services.
1.Centralized planning programs
2. State owned enterprises
3. Price controls and rationing programs
4. Social welfare programs
5. Resource management programs
Why does government sometimes intervene in market economies?
The potential to improve on the market outcome in markets characterized by externalities.
What are some different types of unions?
1. Labour unions
2. Industrial unions
3. Public service unions
4. Uplift unions
What are crown corporations?
A corporation owned by the federal or provincial government.