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grade 9 > Social chapter 6 > Flashcards

Social chapter 6 Flashcards

1
Q

what does economics mean

A

the study of the production, distribution and consumption of goods and services (economics is money)

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2
Q

what are economic systems

A

the way a society organizes the production, distribution and consumption of goods and services (economics is money

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3
Q

what influences decisions about the price of products

A

the supply and demand, the right cost for consumers, if they have too much supply they’ll want to put it for sale

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4
Q

how are decisions made concerning what products to manufacture

A

cost- how much it costs to make a product

resources- what you need to make the product

expertise- need the knowledge and skill to make the product
And what consumers want

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5
Q

why did private railway companies decide to cut passenger service

A

because they could not make a profit from them

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6
Q

what is the name of the government owned railway company in canada

A

amtrak

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7
Q

define economy

A

the resources and processes involved in production, distribution and consumption of goods and services

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8
Q

what is scarcity

A

the idea that land (materials) labour and capital (money) limit the supply of wants and needs ( the idea that resources are limited

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9
Q

what are the 3 basic economic questions

A
  • what is needed or wanted
  • how it will be produced
  • who will get it
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10
Q

how might canada’s gov get involved in situations where people’s wants and needs aren’t being met

A

the gov might get involved by making their own businesses that will suit the needs of their country

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11
Q

what are the 3 factors of production

A

land- oil, trees, fish
labour- the humans we have that do work- servers to staff, construction, etc.
capital- the money used to make more money or purchase resources - factory, warehouse

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12
Q

what does privately owned mean

A

a part of the economy that is owned and controlled by businesses and individuals

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13
Q

what does publicly owned mean

A

the part of the economy that is owned and controlled by government and paid for by taxes

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14
Q

economic continuum

A

planned economy——> mixed——> market economy

planned is on the left, market is on the right. planned-> more government involvement
market-> less government involvement

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15
Q

what is public good

A

what’s best for society as a whole

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16
Q

the public good and cooperation

A
  • focuses on the view of cooperation
  • cooperation is needed in order to achieve what’s best for society
  • value equity, focused on the needs of the community
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17
Q

the public good and individualism

A
  • focuses on individualism and what’s best for one person is best for all
  • values independence
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18
Q

what does a shift left mean

A

(taking a more liberal position) more government involvement in the economy

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19
Q

what does a shift right mean

A

(taking a more conservative position) less government involvement in the economy

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20
Q

what is crown corporation

A

a company owned by canada’s government to provide products and services to canadians

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21
Q

what are the reasons the government of canada creates crown corporations

A
  • to provide essential services
  • to promote economic development
  • to support canadian culture and identity
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22
Q

what crown corporations does canada have today

A

cbc and canada post

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23
Q

define consumers

A

those who use products and services

24
Q

define demand

A

the wants and needs of customers for products and services

25
Q

define producers

A

those who create products and services

26
Q

define supply

A

the products and services created by producers

27
Q

equilibrium

A

in the state of equilibrium, the supply of a product meets the demand for a product at a good price

28
Q

demand goes up, what happens to supply and price?

A

supply goes down, price goes up

29
Q

prices goes up, what happens to supply and demand

A

supply goes up, demand goes down

30
Q

supply goes up, what happens to demand and price?

A

price goes down, demand goes up

31
Q

why might demand for a product go up?

A

consumers want more and are buying more or theres a sale

32
Q

define competition

A

In economics, rivalry among producers to sell products to consumers

33
Q

how might competition affect your quality of life?

A

A healthy competition means a healthy economy which benefits consumers by keeping prices low and having lots of options to buy more products and create employment

34
Q

what is a monopoly and give an example

A

the opposite of competition, its where one producer controls all supply of a product or service
e.i- the Canadian wheat board- markets wheat on behalf of all wheat growers

35
Q

why might monopolies be problematic

A

they can charge whatever they want at a high price and it doesn’t help the economy because it doesn’t allow for growth

36
Q

what is unemployment rate

A

the percentage of the workforce that does not have jobs

37
Q

what is a strike

A

a cessation of work by workers. strikes pressure employers to respond to issues that concern workers

38
Q

why do strikes happen and who do they affect

A

They arise for a lot of reasons but economically its meant to improve wages and benefits or working conditions. because the workers are leaving the workplace to go on strike, this affects the consumers they serve but it’ll improve the workers quality of life.

39
Q

what are labour unions? (REMEMBER FIST)

A

an organization of workers that act to protect worker rights and interests. they fight for better wages and more. they help you succeed in getting what you need.

40
Q

what is collective bargaining

A

negotiating as a group. the right key established by unions for workers.

41
Q

explain canadas principle “peace, order and good government”

A

Canada is more collective and wants community to strive. gov participates in economy

42
Q

explain the US’s principle “life, liberty, and the pursuit of happiness”

A

there is a lot of individualism and “do whats best for you on your own” Liberty means freedom- free market economy

43
Q

Canada’s mixed economy

A

more government participation, has the idea of cooperation, government makes decisions on behalf of everyone, helps everyone out, more taxes

44
Q

USAs market economy

A

reflects individualism, little government involvement, more privately owned businesses

45
Q

what is a free market system and list one positive and one negative

A

system with little or no government control. lots of individualism in the economy.
positive- freedom to innovate (to do something it your own way)
negative- for some, a lot of unemployment

46
Q

what is a mixed economy and list one positive and one negative

A

combines private ownership and government control. individuals and government both make and affect decisions
positive- you can go to the government if you need help (you have support)
negative- people have to pay for other people (taxes)

47
Q

what is a planned economy and list one positive and one negative

A

gov makes all decisions about everything. everything is controlled and managed. consumers have little influence on economic decision making
positive- no or little scarcity
negative- no freedom

48
Q

what is quality of life

A

a measure of personal and collective well being

49
Q

definition of standard of living

A

refers to the amount and quality of material goods and services available to the population. this includes income, gross domestic product, and economics. it is affected by wealth and how rich a country is.

50
Q

does or does not canadas economy shift from a mixed economy to a market economy

A

it does (sometimes)

51
Q

producers can or can not fix the price of their product

A

cant

52
Q

what does laissez-faire mean

A

where the government stays out of the economy and lets supply and demand do its thing (USA)

53
Q

what is capitalism

A

in which a country’s trade and industry are controlled by private owners for profit, rather than by the state. (market economy)

54
Q

what is a welfare capitalist economy

A

Welfare capitalism is capitalism that includes social welfare policies. Welfare capitalism is also the practice of businesses providing welfare services to their employees.

55
Q

why do people feel we don’t need unions?

A

because the government has already passed laws to protect workers, and business owners need more control over their company

grade 9 (19 decks)

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