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Social 9 > Economy of U.S & Canada > Flashcards

Economy of U.S & Canada Flashcards

1
Q

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

A

Economics

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2
Q

the way a society organizes the production, distribution

and consumption of goods and services

A

Economic System

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3
Q

What 3 factors limit the supply of what people want and need? Aka. The 3 basic factors of production

A

Land (Materials), Labour & Capital (money)

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4
Q

The idea that resources are limited is called……

A

Scarcity

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5
Q

Labour in supply production consists of…….

A

The mental and physical effort needed to produce goods and services

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6
Q

In economics, the part of the economy owned and

controlled by businesses and individuals

A

Privately Owned

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7
Q

In economics, the part of the economy owned and

controlled by government and paid for by taxes

A

Publicly Owned

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8
Q

An economic system is a way to solve the basic problem of scarcity, True or False?

A

True

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9
Q

What type of economy does the U.S have?

A

The U.S has a market economy aka. less government control.

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10
Q

Define a market economy’s factors

A
  • The government does not get involved
  • Private businesses own and manage resources
  • Businesses succeed if they produce what the consumers want, otherwise they fail
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11
Q

In a market economy, what solves scarcity

A
  • In a market economy, the choices of the individuals solve scarcity
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12
Q

What type of economy does Canada have?

A

Canada has a mixed economy where 50% of businesses are publicly owned while 50% are privately owned.

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13
Q

What are some factors of a mixed economy:

A
  • Some businesses are private while others are public
  • Individuals and government both make decisions on what to produce
  • Individuals and government both influence economic decision making
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14
Q

What are some factors of a planned economy:

A
  • In a planned economy, the government makes all the decisions on how to solve scarcity
  • The government owns and manages the resources needed to produce things
  • Individual consumers have little to no influence on economic decision making
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15
Q

What’s best for society as a whole is called…….

A

Public Good

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16
Q

What is the public good and cooperation?

A

It’s when some people believe that individuals should set aside their individual interests to achieve what’s best for society. This worldview values equity

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17
Q

What is the public good and individualism

A

Its when some people believe that what’s best for each individuals adds up to what’s good for society. This worldview values individual creativity and independence.

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18
Q

What does public good and cooperation value?

A

They value equity

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19
Q

What does public good and individualism value?

A

They value individual creativity and independence.

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20
Q

What are Canada’s 3 economic founding principles?

A

Peace, Order and Good Government

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21
Q

What does a shift left mean?

A

A shift left means more government involvement. Usually the liberal party/position

22
Q

What does the founding principle of Canada reflect?

A

It reflects the idea of cooperation, It connects to an agreement between francophones and anglophones that established Canada.

23
Q

What is an example of a shift left in Canada?

A

When Lester Pearson became prime minister by forming a minority government in the liberal party.

  • Funded public health care
  • Pensions for senior citizens
24
Q

What does a shift right mean?

A

A shift right means less government control. Usually describes as conservative

25
Q

What is an example of a shift right in Canada?

A

Brian Mulroney formed a majority government with the conservative party.

  • Cuts to government spending
  • Privatized crown corporations
  • NAFTA (The North American Free Trade Agreement) Influenced market in shaping Canada’s economy
26
Q

What is a crown cooperation?

A

A crown cooperation is a company owned by Canada to provide products and services to Canadians.

27
Q

What are the reasons for government to create crown cooperation’s?

A
  • To provide services and products
  • To promote economic development
  • To preserve Canadian culture and identity
28
Q

True or False, Does Canada have more crown cooperation’s than the U.S?

A

True

29
Q

What are some Canadian crown cooperation’s from the past?

A
  • Air Canada was originally Trans-Canada Airlines
  • Petro Canada
  • CBC/Radio-Canada
30
Q

Why was Petro Canada created?

A

To compete with foreign-owned companies in developing Canada’s oil and gas resources

31
Q

Why was CBC/Radio-Canada created?

A

To promote bilingualism in Canada and to show Canadian culture as distinct from the U.S culture

32
Q

What is the U.S founding principle?

A

Life, Liberty & Pursuit of happiness

33
Q

What does the founding principle of U.S reflect on?

A

The founding principle of U.S reflects on individualism. Connects to colony of Britain and fighting to become independent from them.

34
Q

What is an example of a shift left in U.S (Democratic)

A

Franklin Roosevelt became president during the great depression and came up with the new deal.

  • Pensions for senior citizens
  • Funds to support farmers
  • Created corporations funded and run by the government. This created jobs and build projects to strengthen the economy
35
Q

What is an example of a shift right in the U.S (Republican)

A

Ronald Regan.

  • Reduced government spending
  • Reduced government regulations of corporations
36
Q

What is equilibrium?

A

When the supply can meet the demand at a fair price

37
Q

What happens when demand goes up?

A

The supply goes down as it gets used up and the price goes up so that the product will be scarce

38
Q

What happens when price goes up?

A

The demand for the supply goes down as the price is high and the supply goes up as it isn’t being bought

39
Q

What happens when supply goes up?

A

The price goes down as producers want to sell more and the demand goes up seeing as the price is low

40
Q

In economics, rivalry among producers to sell products to consumers

A

Competition

41
Q

What is the opposite of competition?

A

Monopoly

42
Q

When does monopoly happen?

A

A monopoly happens when one producer controls all the supply of a product or service

43
Q

What is an example of a monopoly in Canada?

A

The Canadian wheat board is an agency that distributes wheat in behalf of all wheat farmers. So this means the wheat board sets the price, not each wheat farmer individually competing to get you to buy their wheat.

44
Q

What is the purpose of the wheat board

A

The purpose of the Wheat Board is to protect wheat growers from low market prices.

45
Q

Governments intervene to prevent monopolies and restore competition, True or False?

A

True

46
Q

Why do governments sometimes get involved in market economies.

A

To inform, protect and insure good practices. Aka. to help the consumers be treated fairly.

47
Q

What was the objective of the competition act?

A

To maintain and encourage competition in Canada so that consumers have a variety of prices and product choices.

48
Q

What’s telefilm Canada?

A

Telefilm Canada is a crown cooperation that provides funds and other support for film, media and television companies

49
Q

Which province has the least unemployment rate and which has the most?

A

Alberta has the least and Newfoundland and P.E.I has the most.

50
Q

Does the charter protect collective bargaining and if so under what section of the charter?

A

Yes it does protect and under section 2 of the charter which obliges employers to negotiate with workers and it guarantees that workers can unite and present demands to the employer

Social 9 (5 decks)

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