Fundamentals
This is the basic economic problem where people's wants and needs are greater than the available resources.
Scarcity
Between Canada and the United States, this country generally has a higher level of government intervention in the economy
What is Canada
When a clothing store has 500 neon green sweaters that nobody wants to buy, they will likely do this to the price to get rid of them.
lower the price
This type of economy found on the far right of the economic spectrum
Market Economy
Quality of life
This is a type of economy where the government is responsible for the majority of decision making.
Canada is described as having this type of economy because it combines private business with government intervention
Mixed Economy
When one company is the sole supplier or option for a given product in a market.
Monopoly
This ideology underlies the left side of the economic continuum. This ideology focuses on the group's well being and supports a larger role for the government in managing the economy. This is a prevailing ideology in Canada.
Collectivism
Money collected by the government to pay for public services
Taxes
These are the three factors of production used to create all goods and services.
Land, Labour, Capital.
In Canada, Healthcare is considered a "public good" in the USA it is largely under this type of ownership.
Private ownership/Privately owned
It’s 2021, and everyone wants a PS5 but the factory can’t make them fast enough. This is the term for what is happening in the stores
Shortage
This is the main philosophy that underlies the right side of the economic continuum. It can be described as the idea that what is best for the individual is best for the whole society.
Individualism.
The existence of multiple options/suppliers for a given product in the market
Competition
This is the study of how societies produce, distribute, and consume goods and services.
Economics
These are government-owned businesses in Canada Post or VIA Rail
Crown Corporations
the point in which producers are selling exactly as much as consumers are willing to buy, prices stay stable.
Equilibrium
DAILY DOUBLE (In your team you may wager up to 1500 points, please write your wager on the top left corner of your board.)
Canada, USA, North Korea, Market Economy, Command Economy, Mixed Economy.
When workers join together to negotiate as one big group instead of individuals.
Labour Union
What to produce? How to produce it? Who gets it?
These processes are the reason why the USA is not a true Market economy
government intervention/regulation
Describe the supply and demand for a new iphone on release day.
High demand, low supply
This is the term used to describe when a government or country creates policy or makes decisions that involve higher government involvement in the economy or make their economy look more like a command economy.
Shift left
Laws that keep regular people safe and prevent exploitation by producers
Consumer protection