Economic and Political Systems (Isolde)
This economic system is characterized by private ownership and minimal government intervention. What is it?
What is capitalism?
In the presentation how was Inflation defined?
General increase in prices and fall in the purchasing value of money.
Which industry or sector commonly has the most government intervention?
Health Care
In socialism, who typically owns the means of production?
What is the government or the community?
How was Recession defined?
A period of temporary economic decline which trade and industrial activity are reduced, generally identified by a fall in GDP in two or more consecutive quarters.
Economist Karl Marx made the blueprints for what economic system?
Communism
One advantage of capitalism is its encouragement of this, which leads to new products and services.
What is innovation?
The use of government spending and taxation to influence a country's economy.
What type of economic system is Canada
Mixed Economy
Name two ways mixed economies try to stabilize the economy during downturns.
What are regulations and social safety nets, or what are monetary and fiscal policies?
Name one way the municipal government deals with Inflation.
Price floors and ceilings, Service and training, or social services.
This term describes the negative effect of rapid economic changes that can result in job losses in capitalism. What is it?
What is job insecurity?
How do social services help with unemployment?
They develop income support programs and housing support systems.