Economic Systems
An economic system where the government makes all the decisions and owns and manages all resources.
What is a Planned Economy?
In economics, this is the idea that resources like land, labour, and capital are limited.
What is Scarcity?
These are the people who pay for and use products and services.
Who are Consumers?
Canada’s founding principle that reflects the value of cooperation
What is "Peace, Order and Good Government"?
Which country's drone technology is now considered to be the best defense against Iran's drone attacks by nations in the Persian Gulf?
What is Ukraine.
This economic system combines private ownership and government control, which is the system used in Canada.
What is a Mixed Economy?
This factor of production includes all natural materials found in the environment, such as trees, oil, and gold.
What is Land?
These are the people who create and provide products and services.
Who are Producers?
The founding principle of the U.S. that reflects the value of individualism.
What is "Life, Liberty and the Pursuit of Happiness"?
This is the process of workers negotiating with employers as a group.
What is Collective Bargaining?
In this system, the choices of individual consumers solve scarcity with very little government involvement.
What is a Market Economy?
This factor of production refers to the physical and mental effort needed to produce goods and services.
What is Labour?
This economic principle refers to how much of a product or service consumers want.
What is Demand?
A company owned by the Canadian government to provide essential services or support Canadian identity.
What is a Crown Corporation?
This is a cessation of work by workers used to pressure employers to respond to issues.
What is a Strike?
This term describes a move on the economic continuum toward more government involvement.
What is a "Shift Left"?
This factor of production consists of money, equipment, and tools used to produce goods.
What is Capital?
This usually happens to the price of a product when the demand goes up and the supply drops.
What is: the Price increases (goes up)?
This U.S. President responded to the Great Depression with a "New Deal" that increased government involvement in the economy.
Who was Franklin Roosevelt?
In 2007, the Supreme Court of Canada ruled that this document protects the right of workers to bargain collectively.
What is the Charter (of Rights and Freedoms)?
This term describes a move on the economic continuum toward less government involvement.
What is 'shift-right'?
These are the three basic economic questions used to try and solve scarcity.
What are: What is needed? How will it be produced? Who will get it?
his is the state where the supply of a product can meet the demand of consumers at a particular price.
What is (Price) Equilibrium?
This term refers to the selling of government-owned businesses (like Air Canada) to private companies.
What is Privatization?
This is the percentage of the workforce that does not currently have jobs.
What is the Unemployment Rate?