Lesson 1 Vocabulary
Amount of a product or service for sale.
Supply
As demand rises and supply decreases, the price will...?
Increase
Increase in the value of goods and services provided.
What percentage of jobs in Canada are in construction?
5% are jobs in construction
A tax on imports is called what?
A tariff
Part ownership of a company.
Stock
What what the largest part of the US economy?
Services
Profit making based on information.
Knowledge Economy
Why are Northwest territories wealthy?
Diamond Mines
What is interdependence?
Mutual dependence to meet needs and wants.
Money left after the cost of production.
Profit
What are positives to the free enterprise system? (Minimum 2 positives)
Business owners can produce what they want.
Business owners can charge how much they want.
Business owners can produce how much product they want.
Define and explain an FTA.
Free Trade Agreement. It ends trade barriers between two nations.
Why has Canada's fishing industry changed?
Overfishing
When looking at hydropower, what does the water turn to generate power?
The turbine
When business owners can decide what to make, how much to produce and what price to charge, it is called what?
Free Enterprise
When prices are decreasing, what is happening to supply and demand?
Supply is increasing and demand is decreasing.
Define Developed Nation.
Country with a high level of economic development, that includes high technology services, manufacturing and extraction.
What is the main industry in Ontario?
Manufacturing. Exporting natural resources.
Why did Canada and the US sign a Free Trade Agreement?
To get rid of any trade barriers. This allows the countries to trade freely.
The study of cells to create new drugs for medicine.
Biotechnology
In multiple complete sentences, describe the US economy.
Teacher's choice if points are deserved.
Amount by which a nation's imports exceed its exports.
Trade deficit
Why will Montreal's knowledge economy lead to advances in technology?
They have industries such as biotechnology, information and communication technology, and companies that make aircrafts.
Why does the United States have a large trade deficit?
The US spends more on imports than it earns on exports.