Supply and Demand
What does demand mean?
ANSWER: How much consumers want a product.
Which market structure has many small businesses selling identical products?
ANSWER: Perfect competition.
Why do businesses compete?
ANSWER: To attract customers.
Who controls monetary policy in Canada?
ANSWER: Bank of Canada.
What Canadian market often experiences rising prices due to high demand?
ANSWER: Housing market.
What happens to prices when demand is greater than supply?
ANSWER: Prices increase.
Which structure includes brands like Nike and Adidas?
ANSWER: Monopolistic competition.
What can competition encourage?
ANSWER: Innovation and efficiency.
What is regulation?
ANSWER: Government rules to protect consumers and markets.
What product changes price often in Alberta?
ANSWER: Gasoline.
What is equilibrium?
ANSWER: The point where supply and demand meet.
Which market structure has only a few large companies?
ANSWER: Oligopoly.
What is one negative effect of too much competition?
ANSWER: Lower quality or poor worker conditions.
What is deregulation?
ANSWER: Reducing government rules.
What smartphone companies are examples of oligopoly?
ANSWER: Apple and Samsung.
What is a shortage?
ANSWER: When demand is higher than supply.
What market structure has no real competition?
ANSWER: Monopoly.
How does competition benefit consumers?
ANSWER: Better prices and more choices.
What is one tool governments use to fix market failures?
ANSWER: Taxes, subsidies, or antitrust laws.
What service is often considered a monopoly?
ANSWER: Electricity provider.
Give one Canadian example of supply and demand.
ANSWER: Housing market or gas prices.
Name one Canadian oligopoly.
ANSWER: Rogers, Bell, or Telus.
What is profit motive?
ANSWER: Businesses trying to earn profit.
Why are mixed economies effective?
ANSWER: They combine market freedom with government support.
Name one country that strongly uses market principles.
ANSWER: United States, United Kingdom, or Japan.