Economic Systems
This economic system combines elements of both a planned and market economy (Canada is an example of this).
Mixed economy
Name 5 major federal political parties in Canada.
Conservative, Liberal, NDP, Bloc Quebecois, Green
A __________ is an organization of workers that acts to protect the rights and interests of those workers
Labour Union
The United States is the closest example to this type of economic system.
Market economy
This economic system favours very little government intervention in the economy.
Market econonmy
This side of the spectrum generally favours tradition, smaller government and lower taxes.
The right
This term describes when workers stop working to protest for better wages, working conditions, or benefits.
Strike
This is a tax imposed by a government on imported goods to protect domestic industries and raise revenue.
Tariff
In this economic system, the government centrally plans, controls, and regulates all major aspects of the economy (North Korea is an example of this).
Command / planned economy
This side of the spectrum generally favours social equality, government involvement and more social services
The left
This organization, founded in 1918, represents over 40,000 teachers in Alberta, advocating for their working conditions.
The Alberta Teachers' Association (ATA)
In 2024, this Canadian Crown corporation experienced labour disputes when workers initiated a strike due to unresolved issues concerning wages, benefits, and working conditions
Canada Post
This economic principle states that when the price of a good increases, the quantity supplied increases, while the quantity demanded decreases, and vice versa.
Supply and demand
This economic system seeks to reduce social classes by having the government control all major industries and resources.
Socialism
Unions negotiate as a group through _____________ which is the negotiation done by a union on behalf of all its workers
Collective bargaining
This Canadian union is one of the largest in the country, representing over 700,000 workers across various sectors including healthcare, education, and public services.
Canadian Union of Public Employees (CUPE)
Businesses want ___________ with regard to supply and demand so they can make as much profit as possible and avoid having a surplus or shortage of their products
Equilibrium
This economic system is based on private ownership of the means of production, where market competition determines prices and goods are distributed based on supply and demand.
Capitalism
This type of economist would likely have a more critical view of labour unions.
Market economist
This is the metaphor used by Adam Smith to describe how individuals' self-interest in the free market naturally leads to the benefit of society.
Invisible hand