Economic Systems
The government and private industry in business
What is a Mixed economy
The overall composite of the quality of the social, economic and physical environments
What is quality of life?
Money collected by the government to pay for services
What are taxes?
Alberta is the only province not to have this type of tax
What is a provincial sales tax?
There is mostly private ownership and the freedom to buy and sell in this type of economy.
What is a market economy?
private business owning the resources and services
What is a market Economy
A method to showcase a particular product. Is often used on t.v., newspapers, internet
What is advertising?
The tax that comes off of your paycheck
What is income tax?
The term used to describe the area the majority of our tax dollar goes to.
What are transfer payments?
An organization that represents its workers in matters of salary and benefits
What is a union?
In a market economy prices are set by
What is the law of supply and demand?
Providing money to people put out of work by Covid-19
What is an example of the government helping our economy by supporting industries which are facing large scale hardship
The more you earn the more you pay
What are graduated tax rates?
The type of economy Canada has.
What is a mixed economy?
A person who uses food, shelter and services
What is a consumer?
The idea of the Market Economy was developed by
Who is Adam Smith
Following environmental guidelines, treating employees fairly and being truthful in advertising, are all ways businesses can
What is improve people's quality of life?
Providing services without collecting the required taxes
What is the underground economy?
The form of economic system used in Europe before the idea of the market economy.
What is mercantilism?
The most powerful tool used by a union
What is a strike?
The first people to accept the idea of the Market Economy were the
Who were the British?
Communication tools such as the internet, television, or newspapers which reach a large group of people
What is mass media?
The only tax collected by the local government
What are property taxes?
Taxes added to the price of items like gas and cigarettes, but not made known to consumers
What is a hidden tax?
A modern movement for the protection of the consumer against useless, inferior or dangerous products, misleading advertising and unfair pricing
What is consumerism?