Economic Basics
What is one of the three factors of production?
Land
Labour
Capital
An economic system that is based on individualism
Market economy
(Mixed economy is based in cooperation)
What is demand?
The wants and needs of consumers for products and services
What is a crown corporation?
A company owned by the government to provide products and services to Canadians
What is a labour union
Formed by workers to protect workers rights
What is scarcity?
When land, labour and capital are limited
The part of economy that is owned and controlled by the government is called
Publicly owned
What is the goal of supply and demand?
To have supply, demand and price equal / achieve an equilibrium
Give an example of a crown corperation
Air canada
Petro canada
Name one of the three things that labour unions are responsible for?
Organizing workers
The Canadian Labour Code
Collective bargaining (negotiations to improve/change things)
Name one of the three basic questions people ask to help solve scarcity
What is needed or wanted
How will it be produced
Who will get it
Who influences the economic decision making in a mixed economy?
Individual consumers and the government
What happens to supply and the price if demand goes down?
supply goes up and the price goes up
What laws have Canada's government used to protect consumers?
- Product Labels
-Tire Taxes
- Fix pricing laws
Name one of the improvements that Labour unions have fought for
- Equal pay
-Raises
-Better working conditions
- How long someone can work
What is a monopoly?
What someone or a business might try and control ALL the supply of an item
What kind of economies does the US and Canada have?
US - Market
Canada - Mixed
What will happen to a product if the price goes up?
Demand goes down and supply goes up
Name one social program that Canada has
- public health care
- pensions for seniors
If conditions are not improvement, what is an action that labour unions can encourage the employees to take?
A Strike
Give me an example of scarcity
- Toilet paper during covid
- sugar during the rogers strike
- certain fruits in the winter
What do I mean when i say resources are privately owned
Resources are owned by individuals and businesses
A donut shop opens across the street from another donut shop. What will happen to the price of the donuts?
Price will go down
Compared to a market economy, a mixed economy has... more or less government involvement
More
What is a strike
When a group of people choose not to work to improve conditions