economics (not vocab actual questions)P.1111111111111

Question 1

Economics is about what to ______________ and how to respond to different people in society. (5 things)

Answer 1

create
grow
eat
sell
buy

Question 2

Canada’s major economic partner is?

Answer 2

US

Question 3

According to your textbook, there are two things that are included in the price of goods

Answer 3

Cost of manufacturing
Cost of shipping

Question 4

As a consumer, you are part of Canada’s _________

Answer 4

economy

Question 5

What are the three components of the economic principle of scarcity?

Answer 5

land, labour, capital

Question 6

Give one example of a need that is generally unlimited

Answer 6

air

Question 7

why are most of the things that people want limited?

Answer 7

because recources are limited

Question 8

In economics, resources include

Answer 8

Money, Labour, and materials to supply what people need.

Question 9

Resources that are limited are called?

Answer 9

non-renewable resources

Question 10

The basic question in economics is?

Answer 10

how to solve scarcity

Question 11

What are three questions that have to be answered to solve the issue of scarcity?

Answer 11

What is needed or wanted
How will it be produced
Who will get it

Question 12

The ___________ we make about these questions create issues that affect our _____________.

Answer 12

Decisions
Quality of life

Question 13

What are three basic ‘factors of production’?

Answer 13

Land
Labour
Capital

Question 14

Land consists of

Answer 14

All the materials found in the natural environment

Question 15

Labour consists of

Answer 15

The physical and mental effort needed to produce goods and services

Question 16

Capital consists of

Answer 16

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

Question 17

An economic system is

Answer 17

A way to solve the basic problem of scarcity

Question 18

Where is Canada and the US on the Economic Continuum, respectively?

Answer 18

canada is mixed while the US is market

Question 19

Name the three types of economies on the Economic Continuum.

Answer 19

Mixed
Market
Planned

Question 20

Does Canada have more or less government involvement than the US?

Answer 20

More

Question 21

n this kind of economy the government makes all of the decisions about how to solve scarcity.

Answer 21

planned

Question 22

This kind of economy solves the individual solves the issue of scarcity.

Answer 22

Market

Question 23

Canada’s economy is a mixture of government control and private ownership. What kind of economy is this?

Answer 23

mixed

Question 24

Three characteristics of a Planned economy are

Answer 24

Resources are publicly owned
Government makes decisions on how to use resources
Individuals have little influence on economic decision making

Question 25

Three characteristics of a Mixed economy are

Answer 25

Some resources are publicly owned and some are privately owned. Individuals and government both make decisions on what to produce Individual consumers and government influence decision making

Question 26

Three characteristics of a Market economy are

Answer 26

Resources are privately owned Individuals make decisions on how to use resources Individual consumers drive economic decision making by choosing what to buy

Question 27

On page 205 which of, ‘The Public Good and Cooperation’ would represent which country? The US or Canada?

Answer 27

Canada

Question 28

Canada’s founding principle is

Answer 28

Peace, order and good government

Question 29

What does Canada’s founding principle reflect?

Answer 29

the idea of cooperation

Question 30

With Canada’s economic system the government makes decisions

Answer 30

on behalf of everyone

Question 31

Canada has a mixed economy because?

Answer 31

because of the role government plays, and because individuals still own private property.

Question 32

Give 2 examples that gave the government a larger role in the economy.

Answer 32

Publicly funded healthcare Pensions for senior citizens

Question 33

Give 3 examples of reduced government involvement in the economy.

Answer 33

Cuts to government spending Privatizing government owned corporations The North American Free Trade Agreement (NAFTA) with the U.S. and Mexico, which increased the influence of the market in shaping Canada’s economy.