Chapter 6

Question 1

Define: Scarcity

Answer 1

When demand is high but supply is low

Question 2

3 factors of production

Answer 2

Land, Labor, Capital

Question 3

What is Land

Answer 3

Resources

Question 4

What is Labor

Answer 4

Physical and mental efforts

Question 5

What is capital

Answer 5

Any assets

Question 6

Define: Supply and Demand

Answer 6

The supply compared to the demand of the product

Question 7

Define: Compeition

Answer 7

The way producers try to make the most money from their products. Compared to rival companies

Question 8

Define: Planned Economy

Answer 8

Economy that is fully government controlled

Question 9

Define: Mixed Economy

Answer 9

Market economy with a little government intervention

Question 10

Define: Free/Market Economy

Answer 10

Free market with no government intervention

Question 11

Define: Crown Cooperations

Answer 11

Companies that are owned by the government

Question 12

What is a shift to the left

Answer 12

More government control

Question 13

What is a shift to the right

Answer 13

Less government control

Question 14

Define: Labor Unions

Answer 14

Organizations that help to protect the workers needs and wants

Question 15

Values of Americans

Answer 15

Freedom, liberty and the pursuit of happiness

Question 16

Values of Canadians

Answer 16

Peace, order and good government

Question 17

Define Equilibrium

Answer 17

A state in price where it is the cheapest price while still profitable