For most products, as the price increases, consumer demand for the product drops. This may be because more and more consumers are either unwilling or unable to pay the higher prices. This relationship can be analyzed using a chart.
What is the Law of Demand?
100
Measures production only in Canada – can be Canadian-owned or foreign-owned companies.
What is GDP?
100
A region or nation can produce a product using resources more efficiently than another.
What is What is Absolute Advantage?
100
Make certain producers in developing countries are paid fair prices for goods consumed in developed countries.
What is Fair Trade?
200
The three key economic questions that each society must determine the answer too
What is: - What is produced? - How is it produced? - Who gets what is produced? / To who is it produced for?
200
Where the quantity of the product that consumers are willing to buy over a period of time equals the quantity producers are willing to supply.
What is Equilibrium?
200
The letter that symbolizes spending done by consumers on goods and services.
What is the letter “C”?
200
The most common barrier to trade
What is a Tax Terrif?
200
The main difference looked at in Unit Five between Sweden and the US.
What is Economic Security?
300
* This famous economist was big on equality, a promoter of command economy, and thought capitalism produced tension and would self destruct.
Who is Karl Marx
300
These are markets dominated by a few large companies. The products range from identical to having some product differentiation.
What is an Oligopoly?
300
Three criticisms of the effectiveness of GDP
What are:
-Not an accurate measure of country’s growth
-Sum of national spending with no distinctions between transactions that add to the well-being and those that diminish it.
-Counts fees that go with gambling drive it up.
300
Exchange of services, tourism, investment incomes, and other transfers of funds.
what are Non-Tangible Goods?
300
Not buying bottled water, shortening the length of showers, reusable bags, walking or biking places are all examples.
What are ways to reduce your Carbon Footprint?
400
The four economic systems.
What are Traditional, Market, Command, and Mixed?
400
Goods and services that individual firms or corporations provide to the public in the interest of making a profit.
what are Private Services?
400
An economic system where the government, rather than the free market determines what goods should be produced, how much should be produced and the price at which the goods will be offered for sale.
What is a Command Economy?
400
A paradoxical situation in which countries with an abundance of non-renewable resources experience stagnant growth or even economic contraction
What is The Resource Curse?
400
Investments in rural infrastructure, irrigation, and research and development.
What is the key to solving world hunger according to the FAO?
500
X and Y
What are the points of inefficient use of resources and an unattainable combination?
500
When a group of people are fit to perform tasks efficiently in a certain job. Rather than having a group of people which who are unfit for that job.
What is Job Division?
500
Free education for post-secondary school for all Canadians. This allows more people to have opportunity to get an education, get a good paying job, and spend their money thus increasing the GDP of the economy.
What is an Expansion of the Economy?
500
Three reasons for restricting trade
What are:
protection of domestic employment
retaliation
protection against dumping (selling excess goods below market prices or even cost)
diversification (in trade partners, imported and exported goods and services)
protection of "vital" industries and intellectual property (these can relate to national security or could involve proprietary information)
protection of developing industries (no comparative advantage yet but if given time to develop infant industry could be an efficient use of a nation's resources)
improved terms of trade
protection of environmental and safety standards
protection from foreign influence and control
protection of culture
500
“The carbon footprint of the average student at St. Theresa is less than the average high school student in Canada.”