Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Canadian Studies > Regionalism & Economy > Flashcards

Regionalism & Economy Flashcards

1
Q

Natural Resources

A

Things that occur in nature that have value and may be used to produce goods.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Labour

A

Services provided by workers to provide goods and services to Canada

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Capital

A

Money invested in a business to defray the start up or operating costs involved; assets like property, money, or equipment that has value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Entrepreneurs

A

People who are willing to risk money to start up a business or expand an existing one

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Factors of Production

A

Everything necessary in the production process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Goods

A

Supplies that can be sold

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Setvices

A

Work done for a fee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Market

A

A region in which there is demand for a product and in which the product can be bought and sold

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Demand

A

The level of desire for particular goods or services at a certain price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Supply

A

The quantity of particular goods or services available for purchase at a certain price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Equilibrium

A

The point where the price of an item is equal to the supply and demand of the item

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Scarcity

A

The problem of infinite human needs and wants for goods and services in a world with finite resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Surplus

A

An excess of government revenue over government spending

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Deficit

A

An excess of government spending over government revenue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Heartland

A

Any area or region that is the centre of a country’s industry

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Hinterland

A

The outlying region of a country that supports a country with agricultural products, natural resources, and raw materials

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Gross Natural Product (GNP)

A

The value of all the goods and services produced in a country plus the value of all the goods and services imported from other countries

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Gross Domestic Product

A

The market value of all the goods and services produced in a country

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Monopoly

A

A market situation where there is only one producer of a good or service

20
Q

Oligopoly

A

A market situation where there is a few major producers of a good or service

21
Q

Opportunity Cost

A

The decision to spend a certain amount of money on something, meaning the money is no longer available to spend on something else

22
Q

Technology

A

The knowledge of experts such as scientists, engineers, and technicians

23
Q

Business Environment

A

The basic social and business institutions, and their values that underline their economic activities

24
Q

Ways People Use Money

A
  • To buy goods and services
  • To save for future use
  • To measure the value of goods / services
25
Q

Free Enterprise System

A

Businesses are privately owned and decisions are made through the marketplace with little government regulation

26
Q

Planned System

A

Businesses are owned by and decisions are made by the government

27
Q

Mixed System

A

Possesses attributes of both a free enterprise and planned economy

28
Q

Ways the Government Helps Canadians

A
  • Medicare and old age pensions
  • Employment insurance
  • Canadian Employment Centres
  • Family allowance (CCTB)
  • Primary and secondary public education
  • Aid for post-secondary education
  • Part-time and full-time minimum wage laws
  • Rent control laws
  • Environmental safety laws
  • Workers compensation
  • Guaranteed income settlements
29
Q

Inflation

A

The continual rise of prices over time, it occurs when there is an imbalance of supply and demand

30
Q

Why do governments monitor inflation?

A

The dollar would lose its value and people would not be able to afford basic necessities

31
Q

What is the purpose of the CPI index?

A

The index reflects price changes for a fixed “basket” of goods and services

32
Q

What is Canada’s ideal inflation rate?

A

Two percent

33
Q

Why did inflation raise to 7.2 percent in 2022?

A
  • People under lockdown conditions shopped
  • The Russia-Ukraine war
  • More jobs in North America than workers
34
Q

What is the role of the Bank of Canada?

A

Canada’s central bank sets monetary policy, regulates money supply, and sets interest rates

35
Q

How does the Bank of Canada work to curb inflation?

A

The bank increases interest rates so people and businesses would spend less on non-essential items

36
Q

What were the three goals of John A. Macdonald’s National Policy?

A
  • Tariff American-made goods entering Canada to encourage industry growth
  • Increase settlement in the west and turn Canada into a transcontinental nation
  • Complete the Canadian Pacific Railway to carry settlers and form a transportation link
37
Q

When was the Canadian Pacific Railway completed?

A

1855

38
Q

When did Western Canada see a significant increase in settlers?

A

1896

39
Q

Why did western farmers dislike the National Policy?

A

It made manufactured goods more expensive to purchase

40
Q

What happened to Canadian crops on the international market?

A

Prices of crops for western farmers were often low, and the cost to ship them was high

41
Q

Subsidy

A

A financial aid the government gives to private business owners to assist financially

42
Q

When was the first Canadian subsidy on grain?

A

The Crow’s Nest Pass Agreement of 1897

43
Q

Branch Plant

A

A business owned and operated by a company based in another country

44
Q

The East-West Vision of Canada

A
  • Developing transportation infrastructure as a way of facilitating East-West economic flows
  • The implementation of the National Policy and its intention to foreclose tendencies to trade from north to south
  • Large Canadian retail chains which link Canadians economically
  • Communication policies created by the CRTC, and the CBC network are aimed at creating and East-West information flow and identity
  • Sports leagues like the CFL, CHL, and CIS
  • Canadian social policy allows same minimum standards around Canada
45
Q

The North-South Vision of Canada

A
  • The railroad and highway systems have been accused of being an expensive limitation on Canada’s economic development
  • Belief that each Canadian region would do better in an era of free trade with the south
  • Many Canadian businesses have found it expedient to become branch plants of American enterprises
  • Canadians have historically been ambivalent and doubtful about their patriotism
  • Canadians often prefer American television shows and movies as opposed to Canadian ones
  • Sports leagues like the NFL, NHL, and NBA are increasing in popularity
  • Canada’s social policies often come under attack as unfair subsidies

Canadian Studies (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions