Chapter Six

Question 1

Define: Competition

Answer 1

the opposite of a monopoly- competition with other businesses for more consumers

Question 2

Define: Labour Union

Answer 2

a group that protects workers’ rights in key areas such as wages, hours, and working conditions

Question 3

Define: Scarcity

Answer 3

the idea that resources are limited

Question 4

construction workers, agricultural workers, and restaurant staff all provide this basic factor of production

Answer 4

Labour

Question 5

Canada has a ________________ economic system

Answer 5

Mixed

Question 6

USA has a ______________ economic system

Answer 6

Market

Question 7

China USED TO have a _____________ economic system but does not anymore

Answer 7

Planned

Question 8

money required to purchase equipment, tools, or resources is this basic factor of production

Answer 8

capital

Question 9

What are the THREE factors of production in economics?

Answer 9

Land, Labour, Capital

Question 10

What are the 3 questions needed to answer to solve scarcity?

Answer 10

1. What is needed/wanted?
2. How will it be produced?
3. Who will get it?

Question 11

Define: capitalism

Answer 11

Industries and trade are controlled by PRIVATE ownership, rather than the government

Question 12

Has Covid 19 caused a shift LEFT or RIGHT in Canadian government?

Answer 12

Left, due to more government involvement

Question 13

Is collectivism (group focused rather than individual focused) closer to the LEFT or to the RIGHT on the spectrum?

Answer 13

LEFT

Question 14

The Canadian Wheat Board is considered to be an agency or a monopoly?

Answer 14

Monopoly

Question 15

What is an example of a Crown Corportation?

Answer 15

The CBC, or Petro Canada

Question 16

What is the difference between individualism and collectivism?

Answer 16

Individualism focuses on each individual benefitting themselves for the betterment of society.
Collectivism focuses on making things better for all people for the betterment of society.

Question 17

Is US more closely related to individualism or collectivism?

Answer 17

Individualism

Question 18

Usually, if the supply goes down, the demand goes_______ and the price goes ______

Answer 18

Demand goes UP
Price goes UP

Question 19

Usually, if the supply goes up, the demand goes_______ and the price goes ______

Answer 19

Demand: DOWN
Price: DOWN

Question 20

Usually, if the demand goes up, the supply goes ________ and the price goes________

Answer 20

Supply: DOWN
Price: UP

Question 21

Usually, if the demand goes down, the supply goes _______ and the price goes ________

Answer 21

Supply: UP
Price: DOWN

Question 22

What are the beliefs that correspond with MARKET economy

Answer 22

-Less government involvement is better
-Less taxes is better
-People need to fend for themselves
-If you work hard, you get rewarded

Question 23

What are the beliefs that correspond with MIXED economy

Answer 23

-Mix between government and private businesses
-there should be some taxes
-People need to work hard, but the government will be there to assist if needed

Question 24

What are the beliefs that correspond with PLANNED economy

Answer 24

-Government should own everything
-Government should decided societies needs and wants
-Government sets prices
-If you need help, the government will be there to assist