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SS 9 Final Exam > Economics > Flashcards

Economics Flashcards

1
Q

What is Equality?

A

It is a planned Economy.

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2
Q

What does Scarce mean?

A

Not very common or Rare

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3
Q

What is the crown corporation run by?

A

The crown corporation run by the government.

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4
Q

Economics study: 🍀

A

Economics study scarcity 🍀 and focus on decision making and focuses on what a buyer wants.

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5
Q

Competitors affect the ________?

A

Price.

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6
Q

Buyers and sellers come together. True or False?

A

True

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7
Q

Price is lower demand goes?
A) Higher
B) Lower
C) It stays the same

A

Higher, the higher the demand the lower the price. We all want to save money somehow!

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8
Q

Factors of production=

A

Land 🌏, Labour 👩‍⚖️, Capital, ⛳️ Enterprise. 🚗

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9
Q

Shift left in Economics=

A

A shift on the economic continuum towards more government in the economy.

Remember that Left is Liberal and Liberals want a lot of government involvement.

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10
Q

Right Shift in Economics

A

A shift on the economic continuum towards less government in the economy. Remember that Right is Conservative.

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11
Q

What are the factors of production?

A

Land, labour, capital, and enterprise.
LLCE

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12
Q

What type of economy does Canada have? The US?

A

USA: Market and
Canada: Mixed Economy.

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13
Q

What is the difference between competition and monopoly?

A

In a monopolistic market there is only one finance that dictates the price 💵 and supply levels 📊 of goods and services. A competitive market is composed of many finances, where no finance has control.

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14
Q

What sorts of rights do labour unions ensure?

A

Limited work hours, write to strike, pensions, and safe workplace.

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15
Q

According to your textbook which province has the lowest unemployment? The highest?

A

Alberta, Newfoundland and Labrador.

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16
Q

Consumer choice is important in both mixed and market economies.
True or False?

A

True consumer choice is important in both mixed and market economies.

17
Q

China used to be an example of what kind of economy?

A

Planned or command economy.

18
Q

What is involved in a “shift left” and a “shift right”?

A

Left shows more government involvement, right is less.

19
Q

What is the purpose of a strike?

A

Is to put pressure on the employer to get what employees want.

20
Q

What crisis took place in the 1930’s?

A

The Great Depression

21
Q

What crisis took place in the 1930’s?

A

The Great Depression

22
Q

What is the founding principal of Canada? Of the US?

A

Canada peace, order, and good government, USA life, liberty, and the pursuit of happiness.

23
Q

What do you call money given by the government to support artists?

A

Grant

24
Q

What is the purpose of Crown Corporations?

A

To provide services where they might not be profitable.

25
Q

Brian Mulroney was a Conservation PM of Canada and he supported less government involvement.
Why do you think this?

A

Because on the right side of the spectrum they lean towards less government. He was a conservative

26
Q

Collective bargaining is protected under the _________________?

A

Charter of Rights and Freedoms.

27
Q

Economics:

A

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

PDCGS

28
Q

What is a Economic system:

A

production, distribution and consumption of goods and services.

👍🐕‍🦺
goods and service dog

29
Q

Scarcity:

A

The limit of stuff! When something is scare it is considered “Rare”

30
Q

Which province had the lowest unemployment rate in 2006 according to the text?

A

Alberta

31
Q

What sort of things exist in Canada as a result of labour unions?

A

-Raise the wages of their workers (More money for workers)👷
- That means forcing consumers to pay more for what they buy 💵
-Costing some workers their jobs. ☹️

32
Q

Children cannot be hired full time for employment.
True or False

A

True Children cannot be hired full time for employment.

33
Q

Where does the government get money to pay for services such as education and healthcare?

A

Taxes

SS 9 Final Exam (5 decks)

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