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Economic Decision Making
Supply & Demand
Macro Economics
Global Issues
Economic Decision Making 2
100
An inadequate amount of something (eg. agricultural land, Oil, and chocolate)
What is a shortage
100
this law states that an increase in price (P) causes a decrease in quantity demanded (Q)
What is the Law of demand
100
covers periods of alternating economic growth and recession as measured by changes in real GDP.
What is the Business Cycle
100
focus on the protection of the domestic market in some form or another
What is Barriers to Trade
100
This country provides affordable health care to all of its citizens
What is Sweden
200
The study of the system of human activities related to the production, distribution, exchange and consumption of goods and services
What is Economics
200
is used to describe the much less common phenomenon in which the general level of prices in a country is falling.
What is Deflation
200
Spending done by businesses on capital goods symbolized by the letter
What is "I"
200
the exchange of services, tourism, investment incomes, and other transfers of funds
What is Non Merchandise Trade
200
What area in the world has the largest number of hungry people? this is reference to recent content questions
What is the Sub- Sahara
300
This is a graph depicting the combinations of goods and services that could be produced in a given time period
What is PPC or a Product Possibilities Chart
300
When the quantity demanded falls short of the quantity supplied and extra product exists, this economic situation pushes the price down to the equilibrium level
What is a Surplus
300
Measures the total value of all final goods and services produced by Canadian-owned firms in Canada and anywhere in the world.
What is (Gross National Product) GNP
300
climate, natural resources, and human resources all effect trade and create
What is an Absolute Advantage
300
A statement that is subjective and value based, expressing a judgment about whether a situation is desirable or undesirable.
What is a Normative statement
400
he Consumer Price Index, the Unemployment Rate and Gross Domestic Product all indicate how the country is performing
What is Economic indicators
400
changes in tastes, changes in income or personal taxes or number of buyers, prices of related goods
What is a Change in Demand
400
This type of employment explains why workers lose jobs when the make-up of the economy changes in a region.
What is Structural Unemployment
400
a comprehensive statement of a country’s economic transactions with the rest of the world for a given period of time—either a quarter of a year or a full year
What is Balance of Payments
400
This is a summary measure of human development. The Index is published by the United Nations Development Programme
What is (HDI) human development index
500
is to use limited resources efficiently in the production of goods and services.
What is to Economize
500
this type of market type is characterized by some product differentiation (products are similar but not the same).
What is Monopolistic Competition
500
During periods of an economic downturn, employment insurance payments and welfare payments act as what
What is economic stabilizers
500
Also known as the "paradox of plenty", is a paradoxical situation in which countries with an abundance of non-renewable resources experience stagnant growth or even economic contraction. The resource curse occurs as a country begins to focus all of its energies on a single industry, such as mining, and neglects other major sectors.
What is the Resource Curse
500
what was the name of the pipeline made in the 1970's, it was proposed to bring natural gas from fields in the Beaufort Sea to markets in southern Canada and the United States
What is the Mackenzie River Pipeline Project