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?
This occurs when workers can't come to an agreement about working conditions with their employers.
What is strike?
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?
This type of government believes that if the people on top get the most, then everyone below will benefit.
What is Free Market? (or synonyms)
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?
Canada's movement on the economic continuum should a Conservative Government be elected in the next federal election.
What is a shift right?
What one word can be used to describe Canada's economic philosophy?
What is cooperation
Where the supply of the product meets the demand at a certain price
What is equilibrium?
These are known as the 3 Factors of Production
Land, Labour, Capital
Government money given to private enterprises to improve or encourage production.
What are government subsidies?
Theoretically, those who make the decisions in a Market Economy.
What are Consumers?
The Canadian government gives these to artists, musicians, and filmmakers.
What are Grants?
A state of limited competition in which a market is shared by a small number of competitors.
What is an oligopoly?
Because of scarcity, we must ask these 3 questions in economics:
What will be produced? How will we produce it? 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?
Demonstrating the country's emphasis on individualism, this is the founding principle of The USA
What is "life, liberty, and the pursuit of happiness"?
Teachers, nurses and support staff at school all belong to this type of organization.
What is a labour union?
Im 1918, workers in Manitoba took part in this labour action.
What is The Winnipeg General Strike?
The term for a company that controls all of or most of an industry.
What is a monopoly?