Economic Systems
This type of economy relies on supply and demand to allocate resources.
What is a market economy?
The law states that producers will supply more goods at a higher price.
What is the law of supply?
This term refers to resources owned by individuals or companies.
What is privately owned?
When workers stop working to demand better conditions or pay.
What is a strike?
This economic term refers to the study of resource allocation.
What is economics?
A blend of public and private ownership characterizes this system.
What is a mixed economy?
The point where supply equals demand.
What is equilibrium?
Examples include schools, hospitals, and Crown Corporations.
What are publicly owned resources?
Negotiations between employers and workers for better wages.
What is collective bargaining?
When resources are limited compared to demand.
What is scarcity?
In this economy, the government controls all production and distribution.
What is a planned economy?
The term for consumer desire for goods at a specific price.
What is demand?
This government-run corporation helps to serve public interest in Canada.
What is a Crown Corporation?
An organization that represents workers' rights.
What is a labour union?
The principle of competition leads to this benefit for consumers.
What is lower prices or better quality?
Canada's economy is primarily this type.
What is a mixed economy?
The economic effect of a "shift left" typically includes this outcome.
What is increased government involvement?
This type of economy values individual ownership above public good.
What is a market economy?
The percentage of people actively seeking work but unable to find it.
What is the unemployment rate?
A significant economic event that reflects market shifts.
What is a recession?
The economic philosophy emphasizing cooperation and shared responsibility.
What is collectivism?
What happens to demand when the price of a good increases?
What is it decreases?
Resources for the "public good" prioritize this over profits.
What is the societal benefit?
A key difference between the Canadian and U.S. economies.
What is the level of public spending?
This policy movement promotes free-market ideologies.
What is a shift right?