BASICS
Something you must have to survive
What is a need?
Economy with little government control
What is a market economy?
Canada’s type of economy
What is mixed?
Something you can touch and buy
What is a good?
Businesses trying to win customers
What is competition?
Something extra you want but don’t need
What is a want?
Economy with government and business working together
What is a mixed economy?
Government-owned company
What is a Crown corporation?
Something someone does for you
What is a service?
How much people want something
What is demand?
Not enough resources for everyone
What is scarcity?
Government controls everything
What is a command/planned economy?
Private and public businesses together
What is mixed?
Making products in a factory
What is production?
How much of a product is available
What is supply?
Workers doing jobs
What is labour?
Buying and selling freely between businesses
What is competition?
Where most businesses are located (hint: people)
What is population?
Getting goods to stores or people
What is distribution?
When demand is high but supply is low, this goes up
What is price/cost?
Tools and machines used to make goods
What is capital?
Line that shows types of economies from left to right
What is a continuum?
Government help like healthcare and education
What is services?
Using or buying goods and services
What is consumption?
An oil producing nation has had their refineries destroyed and are blocking the shipping lanes. What parts of the economic chain have been impacted?
What is production and distribution?