Types of Economies
This type of economy is controlled by the government, with little to no private ownership.
What is a planned economy?
This fundamental economic issue arises because resources are limited, but wants are unlimited.
What is scarcity?
These businesses are owned and operated by the government to provide essential services.
What are crown corporations?
A group of workers that come together to negotiate wages and working conditions.
What is a labor union?
In economic terms, the "jungle" represents this type of market.
What is a market economy?
This type of economy is driven by individual choice and free markets.
What is a market economy?
Every economy must decide what to produce, how to produce it, and this.
Who gets the goods and services?
A major reason why governments intervene in market economies is to prevent this, where a single company dominates an industry.
What is a Monopoly?
One key advantage of labor unions is that they help workers secure these types of agreements with employers.
What are better wages and working conditions?
In economic terms, the "zoo" represents this type of market.
What is a planned economy?
Most countries, including Canada, have this type of economy, which combines elements of both planned and market economies.
What is a mixed economy?
When supply increases and demand remains the same, this happens to prices.
What is they decrease?
One reason governments regulate markets is to protect these people, who might otherwise be taken advantage of by businesses.
Who are Consumers?
One disadvantage of labor unions is that they sometimes lead to these events, where workers refuse to work.
What are strikes?
In a jungle-like market, businesses must compete for this to survive.
What are customers?
In a planned economy, the government controls these three key factors: production, distribution, and this.
What is pricing?
If demand increases and supply remains the same, this happens to prices.
What is they increase?
The government collects this from people and businesses to fund public services like healthcare and education.
What are taxes?
Programs like minimum wage laws and unemployment benefits exist to support workers and are part of this type of economic system.
What is a mixed economy?
In a zoo-like market, businesses have lots or little control over prices?
What is little?
One major disadvantage of a market economy is that it can lead to high levels of this, where some people have much more wealth than others.
What is income inequality?
This term refers to the highest amount a consumer is willing to pay for a product.
What is willingness to pay?
The government builds and maintains these to help the economy run smoothly, including roads, bridges, and public transit.
What is infrastructure?
The government provides this type of financial support to unemployed individuals to help them stay afloat while looking for a job.
What is employment insurance?
A market economy is like a jungle, where businesses compete to survive. A planned economy is like a zoo, where everything is controlled. A mixed economy is like this, where there is both freedom and rules.
What is a national park?