Factories, warehouses, machines that include the goods that aid in production of other goods.
What is real capital?
100
Refers to consumers' desire to obtain a product or service. There is an inverse relationship between the price of a product and the quantity demanded by consumers of a particular product or service.
What is Demand?
100
Measures production in Canada.
What is GDP (gross domestic product)?
100
The sum of all that is lost in taking one course of action over another.
What is opportunity cost?
100
Entails caring for the sacred gifts God has entrusted to our care.
What is stewardship?
200
Products and services that directly satisfy human wants.
What is consumer goods?
200
For most products, as the price increases, consumer demand for the product drops. This may be because more and more consumers are either unwilling or unable to pay the higher prices. This relationship can be analyzed using a chart.
What is The Law of Demand?
200
Workers moving between jobs such as.
What is frictional unemployment?
200
This can be initiated by a government to control resources leaving a country. This would make it cheaper to sell to domestic users instead of foreign interests in the good.
What is export tax?
200
An imperfect standard by which to measure a country’s well being.
What is Gross Domestic Product (GDP)
300
The ability of one person, region, or country to provide a good or service more cheaply with lower opportunity cost than that of another person, region, or country.
What is comparative advantage?
300
If a price increase results in no change in total revenue.
What is unitary elasticity?
300
The change in average consumer prices excluding certain items in CPI.
What is core inflation?
300
This is when something refers to the value of the Canadian dollar against the currencies of other countries.
What is an exchange rate?
300
Is a composite index in that it combines a number of indicators into a single figure. It is based on life expectancy at birth, educational attainment (adult literacy and school enrolment rates) and income per capita.
What is the human development index?
400
Provided duty-free trade on multiple classes of goods.
What is NAFTA?
400
A law of economics stating that as a person increases consumption of a product - while keeping consumption of other products constant
What is the Law of Diminishing Marginal Utility?
400
When the economy isn’t growing but prices are.
What is stagflation?
400
Is a comprehensive statement of a country’s economic transactions with the rest of the world for a given period of time—either a quarter of a year or a full year. It is composed of total receipts for goods, services, and investments.
What is the balance of payments?
400
A judgment about whether a situation is desirable or undesirable.
What is a normative statement ?
500
John Meynard Keynes published book.
What is The General Theory of Employment?
500
Underground economy refers to activities that produce income that is not reported to Revenue Canada. This represents a moral problem as participants believe it is socially acceptable to avoid paying tax.
What is the hidden economy?
500
The rate at which the Bank of Canada lends money to chartered banks.
What is overnight lending rate?
500
Is a paradoxical situation in which countries with an abundance of non-renewable resources experience stagnant growth or even economic contraction.
What is resource curse?
500
Units that are purchased to mitigate or “offset” greenhouse gas emissions