Factors of Production
This factor includes forests, oil, farmland, and water.
Land
An economy based on customs and traditions.
Traditional Economy
When prices increase, demand usually does this.
Decreases
Government-owned companies are called these.
Crown Corporations
Canada places more emphasis on this value.
Collectivism
This factor refers to human effort.
Labour
An economy where government makes most decisions.
Command Economy
When prices increase, supply usually does this.
Increases
Food labels are meant to protect this.
Consumer safety
The U.S. places more emphasis on this value.
Individualism
Tools, machines, and factories belong to this factor.
Capital
An economy with competition and private ownership.
Market Economy
The point where supply and demand meet.
Equilibrium
Requiring companies to replant trees protects this.
Environment
Canada's founding principle.
Peace, Order and Good Government
This factor involves taking risks and organizing a business.
Entrepreneurship
Canada's economic system.
Mixed Economy
When supply is greater than demand.
Surplus
Workers use this process to negotiate wages and working conditions.
Collective Bargaining
The U.S Founding Principle
Life, Liberty and the Pursuit of Happiness
Name all four factors of production.
Land, Labour, Capital, and Entrepreneurship
Moving toward more government involvement is called this.
Shift Left
Taylor Swift tickets sell out instantly because there are fewer tickets than people who want them.
Scarcity
Give two reasons governments get involved in the economy.
Consumer protection, environmental protection, preventing monopolies, protecting workers, providing essential services, etc.
Explain one major difference between Canada's and the U.S.'s approach to health care.
Canada uses publicly funded universal health care; the U.S. relies more heavily on private insurance and private health care.