Canada’s Mixed Economy Flashcards
what is the difference between standard of living and quality of life?
The difference between the standard of living and the quality of life depends on because quality of life is how happy you are and standard of living is making sure your resources, wealth, and needs are met.
What do taxes and socialism have to do with each other?
Taxes and socialism are connected by paying citizens to distribute the wealth and provide different services.
Why is progressive taxation considered income redistribution?
It is considered income redistribution because it aims to redistribute wealth by taxing people with higher incomes at a higher rate.
What is a Crown Corporation?
A crown corporation in Canada is a corporation owned by the federal or provincial government services.
How does Canada’s mixed economy answer the three economic questions?
The questions are answered through combinations of market forces and government intervention. The question of what to produce is determined by the consumer demand and the profit motive of the business. The question of who gets it is addressed through various government policies and social programs.
Why do some Canadians have concerns about the government playing a role in our economy?
Some Canadians may have concerns about the government because they believe in the power of free markets and limited government involvement. Some individuals may argue that having too much government involvement can lead to different insufficiencies and reduced freedoms for certain individuals.
If someone wants less government intervention, why do we call this a shift right?
They call this a shift right because of individualism and wanting to reduce the role that the government plays in the economy. However, having a shift right can be controversial because of what outsiders may see as a waste.
