Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Grade 9: Social > Chapter 6 > Flashcards

Chapter 6 Flashcards

1
Q

What is economics?

A

The study of the production, distribution and consumption of goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are economic systems?

A

The way a society organizes the production, distribution, and consumption of goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is scarcity?

A

In economics, the idea that land (materials), labour and capital (money) limit the supply of what people want and need

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the 3 factors of production?

A

Land, Labour, Capital

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Explain how land affects scarcity

A

Land consists of all the materials found in the natural environment needed to produce goods and services, such as renewable resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Explain how labor affects scarcity

A

Labour consists of the physical and mental effort needed to produce goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Explain how capital affects scarcity

A

Consists of the money that people own or borrow, used to purchase equipment, tools, and other resources to produce goods and services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

How is the basic problem of scarcity solved?

A

Implementing an economic system

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are the 3 main types of economies?

A

Planned Economy
Market Economy
Mixed Economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Explain a planned economy

A
  • The government makes all the decisions about how to solve scarcity.
  • It owns and manages the resources needed to produce things.
  • It plans what will be produced and decides how to use limited resources
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Explain a mixed economy

A
  • A mixed economy combines private ownership and government control
  • In mixed economies, the level of government involvement fluctuates depending what political party is in power
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Explain a market economy

A
  • the choices of individuals solve scarcity
  • Private businesses own and manage resources. They sell their products to consumers, who make their own decisions about what to buy
  • Businesses succeed if they produce what consumers want. Otherwise, they fail.
  • The government does not get involved
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Characteristics of a planned economy?

A
  • Resources are publicly owned.
  • The government makes decisions on how to use resources.
  • Individual consumers have little influence on economic decision-making.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Characteristics of a mixed economy?

A
  • Some resources are publicly owned and some are privately owned.
  • Individuals and government both make decisions about what to produce.
  • Individual consumers and government influence economic decision making.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Characteristics of a market economy?

A
  • Resources are privately owned.
  • Individuals make decisions on how to use resources.
  • Individual consumers drive economic decision-making by choosing what to buy.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is public good?

A

What’s best for society as a whole.

17
Q

How to achieve public good through cooperation?

A

Individuals must consider each other and set aside their individual interests to achieve what’s best for society

18
Q

How to achieve public good through individualism?

A

Some people believe that what’s best for each achieve individually adds up to what’s best for society

19
Q

What does shift left mean?

A

More government involvement. Liberal position

20
Q

What does shift right mean?

A

Less government involvement. Conservative position

21
Q

What is Canada’s founding principal?

A

“peace, order and good government.”

22
Q

What economic system does Canada use?

A

Mixed economy

23
Q

What is the U.S.A. founding, principal?

A

“life, liberty and the pursuit of happiness.”

24
Q

What type of economy does U.S.A use?

A

Market economy

25
Q

What is a crown corporation?

A

A Crown corporation is a company owned by Canada’s government to provide products and services to Canadians.

26
Q

What are the characteristics of a crown corporation?

A
  • To provide essential services.
  • To promote economic development.
  • To support Canadian culture and identity.
27
Q

What are consumers?

A

Those who use products and services

28
Q

What is demand?

A

The wants and needs of consumers

29
Q

What are producers?

A

Those who create products and services

30
Q

What is supply?

A

The products and services created by producers

31
Q

What is a state of equilibrium?

A

• In a state of equilibrium, the supply of a product can meet the demand for a product at a particular price.

32
Q

What happens if the demand of a product goes up?

A
  • When demand for a product goes up, it means more and more consumers are buying the product.
  • As consumers buy up the product, the supply — or availability — of the product drops.
  • This drives up the price of the product because more consumers compete for the limited supply available.
33
Q

What happens if the price for a product goes up?

A
  • When the price of a product goes up, fewer consumers can afford to buy it.
  • This drives down demand for the product.
  • Fewer consumers buy the product, so the supply —or availability of the product — goes up.
34
Q

What happens if supply of a product goes up?

A
  • When the supply of a product goes up, more of the product is available
  • If there are more products available than consumers want to buy, producers cut prices to encourage consumers to buy more.
  • The lower price encourages consumers to buy more, so demand for the product goes up.
35
Q

What is competition?

A

In economics, rivalry among producers to sell products to consumers

36
Q

What is a monopoly?

A

A monopoly happens when one producer controls all supply of a product or service

37
Q

Why would a government implement a monopoly?

A

Governments sometimes create monopolies as a way to provide essential services that require expensive infrastructure

38
Q

Why is competition good?

A

It helps with different prices and quality. And a variety of products

Grade 9: Social (21 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions