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Comm 101 > Module 1 Economic factors > Flashcards

Module 1 Economic factors Flashcards

1
Q

Federal government

A 
Money banking 
Trade regulations 
External relations 
Defense 
Criminal law 
Transportation
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2
Q

Fiscal policy

A

Government collects revenue and distributes expenses to influence the economy

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3
Q

Monetary policy

A

How a country Controls supply of money and interest rates to influence the economy

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4
Q

Provincial government

A 
Administrative labour laws 
Education 
Health welfare 
Protection of property and civil rights 
Natural resources 
Environment
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5
Q

Municipal government

A

Water, sewer collection and waste collection
Encourage economic development
Bylaws to regulate

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6
Q

Copyrights

A

Protection for creators of work, art, music

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7
Q

Trademarks

A

Design or name manufactures uses to identify its products in the market place

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8
Q

Types of taxes

A 
Income taxes 
Property taxes 
Payroll taxes 
Sales taxes 
Excise taxes
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9
Q

Excise tax

A

Placed on specific items such as gas, alcohol, tobacco
Designed to pay for services related to the items being taxed
Ex healthcare

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10
Q

Macroeconomics

A

Focuses on economy as a whole by looking at date for large groups of people, companies and products

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11
Q

Microeconomics

A

Focuses on sub areas such as households or business

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12
Q

Factors of production

A

Natural resources, entrepreneurs, capital, labor, knowledge

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13
Q

Natural resources

A

Raw materials used in inputs in their natural state

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14
Q

Entrepreneurs

A

Combination of natural resources, labour, and capital to produce goods and services

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15
Q

Capital

A

Process used to produce goods and services to get them too customers

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16
Q

Labour

A

People who contribute to economic factors

17
Q

Knowledge

A

Talents and skills used in workforce

18
Q

Economic systems

A

Policies, laws which establish systems that determine what goods and services are produced and how they are delivered

19
Q

Market economy

A

Based on competition in marketplace and private ownership of ( factors of production) natural resources, entrepreneurs, capital, labour and knowledge

20
Q

Socialism

A

Owned by government or by private sector under government control

21
Q

Market structures

A

Perfect competition , monopolistic competition, oligopoly and monopoly

22
Q

Perfect competition

A

Lots of small firms, similar products, availed information and not hard to enter

23
Q

Monopolistic competition

A

Lots of firms, differentiated substitutes and easy to enter

24
Q

Oligopoly

A

Few firms, need large amount of entry and hard to enter

25
Q

Monopoly

A

1 firm controls all industry sales and new drinks can not enter

26
Q

GDP

A

Total market value of all goods if all final goods and services produced in a country’s border in a year

Comm 101 (3 decks)

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