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?
Occurs in an economy when a Conservative/Republican government takes over
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?
List the 4 Factors of Production
Land, Labour, Capital, Enterprise
When products or services are sold illegally in this type of market.
What is underground/black market
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?
What is will go up?
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?
Known as the Father of the Market Economy and a prime advocate for laissez faire economics
Who is Adam Smith?
Teachers, nurses and support staff at school all belong to this type of organization.
What is a labour union?
An economic value where individual people are favoured over the collective.
What is individualism?
This country is the only truly pure market economy.