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Unit 1
Unit 2 & 2.1
Unit 3
Unit 4
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100
Having unlimited wants and needs and limited resources to satisfy those needs.
What is scarcity?
100
This varies inversely with price, as long as other things do not change. Therefore, when price goes up - this goes down.
What is demand or what is the law of demand?
100
Economic growth, although usually looked at a positive thing, has these two negatives.
What is environmental strain and resource strain?
100
This is the main function of money, allowing for the exchange of goods and services.
What is a medium of exchange?
100
"The sum of all that is lost from taking one course of action over another or of producing one item measured in terms of another that could have been produced with the same resource." - Economics Now
What is opportunity cost?
200
What to produce? How to produce? For whom to produce?
What are the three basic economic questions?
200
This change in demand is depicted in this video clip from the film "Cloudy With a Chance of Meatballs": https://www.youtube.com/watch?v=cSKhRVH1Iv4&feature=youtu.be
What is tastes and preferences?
200
Businesses and households earn this on savings and pay this on borrowing.
What is interest?
200
This characteristic of money is necessary to avoid counterfeiting.
What is unrecognizable?
200
This would occur if the Quantity Demanded exceeds the Quantity Supplied. So, for example, if at a school BBQ there were 190 hotdogs supplied, but 250 people in line for a hotdog.
What is a shortage?
300
Since it is difficult to have a "pure" traditional, command and market economy, many countries take the best parts of each type and are in turn called this type of economy.
What is a Mixed Economy?
300
Robots, silicon chips and improvements to the computerization of industry have all enabled manufacturers to increases the supply of their products, all of which are a perfect example of this change in supply.
What is technology?
300
This is what happens when the government spends less than they receive.
What is a surplus?
300
RBC, CIBC, TD, Scotiabank, BMO and The National Bank of Canada are all examples of this type of financial institution.
What is a chartered bank?
400
This goal of the Canadian Politico-Economic system is reached by carrying out economic activity without harming our natural environment by being responsible stewards of our planet and protected it for future generations.
What is Environmental Stewardship?
400
If governments believe consumers are paying too much $ in a particular market, they introduce these.
What are ceiling prices?
400
This market allows the buying of currencies so we can easily import and export goods with other countries.
What is the foreign exchange market?
400
This type of investment is very high risk, but can bring very high returns.
What is the stock market?
400
This type of political system is characterized by a freely elected government that represents, for a set term of office, the majority of citizens.
What is democracy?
500
In this type of political system a single person or party exercises absolute authority over an entire nation. There are no free elections to allow the people to change their leadership.
What is dictatorship?
500
In this type of Business Organization the advantages are the owner getting all profits, the business organization being inexpensive and easy to set up, and the owner having direct control of the business. The disadvantages would be having full responsibility for debts, personal assets being used against debt if unable to pay, and lack of continuity in the business if the owner is away.
What is Sole Proprietorship?
500
This is the key to economic growth by helping create, expand and improve business.
What is investment?
500
This form of lending can help you build up your credit rating with the credit bureau, but can also cause you to go into debt if you do not use them responsibly.
What is a credit card?
500
The people seeking investment from the Dragon's in the Den are examples of these.
What is entrepreneurs?