Definitions
Those who use products and services from Market.
Who are Consumers?
It's been defined by private property, laissez-faire principles, individualism, and has been compared to a Jungle. The economic system of our southern neighbours.
What is a Market Economy.
Canada is known to be this type of economy.
What is Mixed Economy?
Known to be the Number 1 Factor in impacting Public Good.
What is what a society values?
Under Armour, Adidas, Puma, and Nike all belong to this Economic Sector
What is the Private Sector (Privately Owned)?
Those who create products and services for market.
Who are Producers?
The furthest left you can reach on the spectrum. It loves collectivism and 100% Government involvement. Think Cuba and North Korea
The CBC, Via Rail, and the Royal Canadian Mint are all examples of Canadian Government Owned companies, also known as this.
What are Crown Corporations?
Who Decides what's best for society (need all 5)
Individuals, Government, Producers, Consumers, Educators
US Postal Service, and Canadian Crown Corporations are known to be part of this sector.
What is the Public Sector?
When our ability to consume is greater than our ability to produce, this happens.
What is scarcity?
Occurs in an economy when a Conservative/Republican government takes over
True or False: The Canadian Government can create a monopoly within a Mixed Economy?
The 5 Factors relating to decisions based on Public Good (need all 5 for points)
Health, Nutrition, Wealth, Safety, Upbringing.
Land, Labour, Capital
When the Supply for a product can meet the Demand for a product at a particular Price
What is Equilibrium?
In the Market Economy, Consumer is known to be this, and are ultimately the ones who control the economy's destiny.
What are Kings (or Queens)
Under the current Liberal Government, would Canada be in favour of mixing more or less Government into the current economy?
What is more government?
While Cooperation values equity, its counterpart values creativity and believes that what's best for each person individually eventually adds up to Public Good for all of society.
What is Individualism?
Because of scarcity, we must ask these 4 questions in economics:
What will be produced? How will we produce it? How much will be produced? Who will get what's produced?
These deal with the production, consumption, and distribution of goods and services in a particular society.
What are Economic Systems?
Known as the Father of the Market Economy and a prime advocate for the "Invisible Hand"
Who is Adam Smith?
In 2007, the Canadian Government passed this act, which had a goal to maintain and encourage competition while still providing competitive prices and a variety of choice.
What is the Competition Act
Canada bases their Economy on these principles, which allow them to have a system where the government can step in to make economic decisions for the Public Good.
What is Peace, Order, and Good Government.
In the movie The Pursuit of Happyness, Chris and Christopher Gardner enjoy suite tickets for a game of this team while Chris tries to sell insurance to a client.
Who are the San Francisco 49ers?