Economic Systems and Components
The 3 economic systems
What are Mixed, market and command?
The basic questions of economics is
How do you solve the issue of scarcity?
Demand goes up then
What is, Supply drops?
Canada's economic system
What is 'Mixed'?
Money for education
What is, comes from taxes?
Labour consists of
What is the physical and/or mental effort needed to produce goods and services?
An economic system is
What is the way to solve the basic problem of scarcity?
Price goes up then
What is, demand goes goes down?
North Korea's economic system is
What is 'command' or 'demand'?
Canada's major economic partner
Who is the U.S.?
Capital consists of
What is the money people own or borrow?
An unlimited supply
What is air?
Supply goes up
What is, the price drops?
Canada's founding principle
What are, peace, order and good government?
Two things included in the price of goods
What are the cost of shipping and manufacture?
Three characteristics of a Mixed economy
What are, some resources are publicly owned, individuals and govt. make decisions about what to produce, and both govt. and individuals influence economic decision making?
Three components of the this principle (scarcity)
What are land, labour and capital?
Opposite of competition
What is a monopoly?
U.S. Founding principle
What are, life, liberty and the pursuit of happiness?
The word dynamic in describing a economic system's place on the continuum
What is characterised by continuous change, activity, or progress?
Three characteristics of a Market economy
What are privately owned, individuals make the decision on how resources are used, and individuals drive the economic decision making?
Resources are limited because
Why is, because most things that people want are limited?
State of equilibrium
What is, when supply of a product meets the demand for the product?
Public good and cooperation represents
Who is Canada?
Two things that labour unions do
What are, represent workers, and provide ways for workers to act as a group?