Vocabulary
What is scarcity?
The basic economic problem of not having enough resources to meet demand.
What is an economic system meant to do?
Organize scarce resources to meet needs and wants by answering five key questions.
What is demand?
The quantity of a product or service that buyers want.
What is a crown corporation?
A business owned by the government to provide services that may not be profitable but benefit the public.
What is a labour union?
An organization of workers who unite to improve wages, benefits, and working conditions.
What are the three factors of production?
Land, labour, and capital.
What does a market economy prioritize?
Individual choice, competition, and private ownership.
What does a market economy rely on for price and production decisions?
Supply and demand.
Why does the government support cultural industries?
To preserve Canadian identity and ensure Canadian voices and stories are represented.
What is a strike and why do they happen?
A strike is when workers stop working to demand better conditions; they happen when negotiations fail.
What is the difference between publicly owned and privately owned resources?
Publicly owned resources are controlled by the government; privately owned resources are controlled by individuals or companies.
What are two characteristics of a planned economy?
Government controls production and distribution; resources are publicly owned.
How do supply and demand affect quality of life?
They influence the prices of goods and services, which can affect people's access to what they need.
How do governments get involved in market economies?
They regulate businesses, provide services, and intervene in cases of market failure.
What are Canadian labour laws?
Laws that protect workers’ rights, including the right to join unions and bargain collectively.
What is an entrepreneur?
A person who combines land, labour, and capital to meet needs and wants.
What causes Canadian and U.S. economies to shift left or right on the continuum?
Decisions made by governments and leaders in response to current issues.
What is a monopoly and its disadvantage?
A monopoly is when one company controls all supply of a good or service; it can lead to higher prices and less choice.
What is a disadvantage of a monopoly?
Lack of competition can lead to poor service and higher prices.
One advantage and one disadvantage of labour unions?
Advantage: Better wages. Disadvantage: Potential for workplace disruption.
What is the difference between wants and needs? Provide examples
Needs are essential for survival (food, shelter, clothing); wants are not necessary (like entertainment).
What are three differences between the Canadian and U.S. economic systems?
Canada has more government involvement, crown corporations, and stronger support for social programs.
What are two advantages and two disadvantages of competition?
Advantages: lower prices, better products. Disadvantages: job loss, business failure.
What are arguments for and against funding cultural industries?
For: preserve identity and diversity. Against: costly and not always efficient use of funds.
What does Section 2 of the Charter say about workers’ rights?
It guarantees the freedom of association, which includes the right to form and join unions.