Economics Flashcards
What is Equality?
It is a planned Economy.
What does Scarce mean?
Not very common or Rare
What is the crown corporation run by?
The crown corporation run by the government.
Economics study: 🍀
Economics study scarcity 🍀 and focus on decision making and focuses on what a buyer wants.
Competitors affect the ________?
Price.
Buyers and sellers come together. True or False?
True
Price is lower demand goes?
A) Higher
B) Lower
C) It stays the same
Higher, the higher the demand the lower the price. We all want to save money somehow!
Factors of production=
Land 🌏, Labour 👩⚖️, Capital, ⛳️ Enterprise. 🚗
Shift left in Economics=
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.
Right Shift in Economics
A shift on the economic continuum towards less government in the economy. Remember that Right is Conservative.
What are the factors of production?
Land, labour, capital, and enterprise.
LLCE
What type of economy does Canada have? The US?
USA: Market and
Canada: Mixed Economy.
What is the difference between competition and monopoly?
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.
What sorts of rights do labour unions ensure?
Limited work hours, write to strike, pensions, and safe workplace.
According to your textbook which province has the lowest unemployment? The highest?
Alberta, Newfoundland and Labrador.
Consumer choice is important in both mixed and market economies.
True or False?
True consumer choice is important in both mixed and market economies.
China used to be an example of what kind of economy?
Planned or command economy.
What is involved in a “shift left” and a “shift right”?
Left shows more government involvement, right is less.
What is the purpose of a strike?
Is to put pressure on the employer to get what employees want.
What crisis took place in the 1930’s?
The Great Depression
What crisis took place in the 1930’s?
The Great Depression
What is the founding principal of Canada? Of the US?
Canada peace, order, and good government, USA life, liberty, and the pursuit of happiness.
What do you call money given by the government to support artists?
Grant
What is the purpose of Crown Corporations?
To provide services where they might not be profitable.
Brian Mulroney was a Conservation PM of Canada and he supported less government involvement.
Why do you think this?
Because on the right side of the spectrum they lean towards less government. He was a conservative
Collective bargaining is protected under the _________________?
Charter of Rights and Freedoms.
Economics:
The study of the production, distribution and consumption of goods and services.
PDCGS
What is a Economic system:
production, distribution and consumption of goods and services.
👍🐕🦺
goods and service dog
Scarcity:
The limit of stuff! When something is scare it is considered “Rare”
Which province had the lowest unemployment rate in 2006 according to the text?
Alberta
What sort of things exist in Canada as a result of labour unions?
-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. ☹️
Children cannot be hired full time for employment.
True or False
True Children cannot be hired full time for employment.
Where does the government get money to pay for services such as education and healthcare?
Taxes
