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SOCIAL - IMMIGRATION > Social Chapter 6 - Economy > Flashcards

Social Chapter 6 - Economy Flashcards

1
Q

What are economics?

A

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

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2
Q

What is an economic system?

A

The way a society organizes the production, distribution and consumption of goods and services.

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3
Q

What is scarcity all about?

A

It’s the idea that land, labour and capital (money) are limited for what people want or need.

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4
Q

WHAT VALUES SHAPE THE MIXED AND
MARKET ECONOMIES OF CANADA AND THE U. S.?

A

The demand for super cyborg city was so great it created a scarcity of the product.

Too many people wanted the product, and not enough copies were available.

Some things people need are unlimited- ex air.

Most things that people need or want are limited. This is because resources are limited.

In economics resources include, money (capital), labour, and materials (resources)

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5
Q

What creates scarcity?

A

LAND! Materials found in the natural environment needed to produce goods and services, such as renewable and non-renewable resources.

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6
Q

What does labour consist of?

A

Labour consists of the physical and mental effort needed to produce goods and services

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7
Q

What does the capital consist of?

A

Consists of money that people own or borrow, used to purchase equipment, tools, and other resources needed to produce goods and services. For example; setting up a plane production plant requires money

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8
Q

What is an economic system?

A

An economic system is a way to solve the basic problem of scarcity.

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9
Q

Where is the economic system placed on spectrum?

A

Economic systems can be placed on a spectrum; their spot on that spectrum depends on the underlying values of that society.

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10
Q

USSR, U.S, Canada; Which of the three countries has more of a controlled government?

A

The USSR/Soviet Union has more of a controlled government.

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11
Q

USSR, U.S, Canada; Which of the three countries has less of a controlled government?

A

The U.S has less of a controlled government.

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12
Q

What determines the resource allocation in a mixed economy?

A

Market force+state determine resource allocation.

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13
Q

What is a mixed economy.

A

Some of the goods and services are supplied by gov’t yet the prices decide the consumers; healthcare, school.The gov’t and consumers decide what to produce.

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14
Q

COMMUNISM
What is a command economy?

A

The state determines the resource allocation. Reduction of poverty and a rapid development in the economy. Restrictions of resource productions bring lack of incentives for people to produce inefficient goods.

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15
Q

CAPITALISM
What determines the resource allocation in a market economy?

A

Supply and demand determines the resource allocation.

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16
Q

CAPITALISM
What is a market economy?

A

Freedom for individuals provide incentives to produce efficient and fine goods.Free trade is apparent. Poverty, market failure, inflation and unemployment are visible from the government free economic system.

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17
Q

What is a planned economy?

A

At this end of the spectrum, the government makes all the decisions about how to solve scarcity. The Government owns and manages all the resources needed to produce things. Resources are publicly owned. Government makes all decisions about resources.

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18
Q

What is an example of a planned economy?

A

Ex- USSR/Soviet Union.

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19
Q

What is a market economy?

A

On this end of the spectrum, the choices of individuals solve scarcity.Private businesses manage and sell their own resources.
Businesses succeed if they sell products consumers want, otherwise they fail.
The government does not get involved.

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20
Q

What is an example of a market economy?

A

Ex- The United States.

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21
Q

What is a mixed economy?

A

Combines private ownership and government control. Individuals and government make decisions about what to produce.

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22
Q

What does the level of government involvement in a mixed economy depend on?

A

The level of government involvement depends on what political party is in power.
For example:
Liberal Party- More involvement
Conservative Party- Less involvement

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23
Q

What is an example of a mixed economy?

A

Ex- Canada and Sweden.

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24
Q

What is a shift left in the economy?

A
  1. Prime Minister Lester Pearson (Liberals)
  2. Publicly funded healthcare
  3. Pensions for seniors
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25
Q

What is a shift right in the economy?

A
  1. Prime Minister Brian Mulroney (Progressive Conservatives)
  2. Cuts to govt. spending
  3. Privatising government-owned corporations
  4. North American Free Trade Agreement (NAFTA).
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26
Q

What is The Public Good and Cooperation?

A

The belief that individuals must consider each other and set aside their individual differences to achieve what’s best for society

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27
Q

What style of economic system do you think this above idea fits?

A

It fits a mixed economy!

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28
Q

What is The Public Good and individualism?

A

The belief that what’s best for each person individually adds up to what best for society

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29
Q

What style of economic system do you think this above idea fits?

A

It fits a market economy!

30
Q

What is the founding principle of Canada?

A

“Peace, order and good government.

31
Q

What is the founding principle of the U.S

A

“Life, liberty and the pursuit of happiness.

32
Q

How does supply and demand effect quality of life?

A

Supply and demand effect quality of life because they affect the prices of products we buy, the availability of products, and jobs connected to creating products.

33
Q

What are four market behaviours?

A
  1. Supply can decrease
  2. Supply can increase
  3. Demand can decrease
  4. Demand can increase
34
Q

What is demand?

A

Demand is the quantity of a good that consumers will buy. The demand for the good is related to the price of that good

35
Q

What happens with demand?

A

Generally, the higher the price of a good, the less people will want to buy and therefore, the lower the demand. When something is expensive, people will purchase less of it or a substitute

36
Q

What is supply?

A

Supply is the quantity of a good that producers are willing to make and offer for sale in the market. The supply of a good is related to the price of that good

37
Q

With supply what tends to happen to the prices of goods?

A

Generally, the higher the price of the good, the more producers will want to make and the greater the supply.

38
Q

WIth supply, what can also be true?

A

The opposite is also true: the lower the price of a good, the less producers will want to make and the lower the supply will be

39
Q

What is competition?

A

Competition is about striving to get consumers to buy their products. Producers attract consumers in a variety of ways-price, product quality, and advertising

40
Q

What are some examples of competition in resturants, stores, brands, etc?

A

Ex- Coke vs. Pepsi, Ford vs. Ram

41
Q

What are prices in a free market?

A

Prices in a free market system are determined by the interaction of supply and demand.

42
Q

Why do governments get involved in market economies?

A

Sometimes the government may get involved to inform, protect or ensure good and fair practices.

43
Q

What do market economies rely on for the decisions?

A

Market economies rely on the decisions of individuals consumers and producers

44
Q

What is the Boom (PEAK) Period?

A
  • Period of prosperity and economic growth
  • High level of employment
  • Wages and profits rise, therefore spending
    increases
  • GDP (gross domestic product) is high
45
Q

What is the big problem in the Boom Period?

A

Problem= INFLATION

46
Q

What is the Bust Period?

A
  • Economic decline and crisis
  • Production decreases, therefore unemployment rises and wages fall
  • Consumers restrict spending, therefore prices and profits drop
  • RECESSION– mild and short lived downturn
  • DEPRESSION– longer and severe period of decline
47
Q

What is an Entrepreneur?

A

A person who ORGANIZES a business and takes the RISKS associated with competing in a market economy.

48
Q

What is a labour Union?

A

An organization of workers that ACTS to PROTECT workers’ rights and interests

49
Q

What can employers get pressured by?

A

Unions can pressure employers about wages, work hours, and workplace safety.

50
Q

What is a Crown corporation?

A

A Crown corporation is a company owned by Canada’s government to provide products and services to Canadians.

51
Q

What are three examples of more govt. involvement?

A
  1. Pensions for senior citizens.
  2. Funds to support farmers.
  3. Corporations funded and run by the government. These created jobs and built projects to strengthen the economy, such as dams and roads.
52
Q

What are two examples of reduced government involvement?

A
  1. Reduced government spending.
  2. Reduced government regulation of corporations.
53
Q

What is important to both the market and mixed economies?

A

In both systems, the individual choices of consumers are an important economic force. These consumers add up to create overall decisions for society.

54
Q

What is a state of equilibrium?

A

In a state of equilibrium, the supply of a product can meet the demand for a product at a particular price.

55
Q

Why do consumers pay a tire tax when they buy tires?

A

Many governments require consumers to pay a “tire tax” when they buy new tires. The tax helps pay for recycling the tires, so they don’t go to landfills. Instead, recyclers make them into other useful products such as mats and roofing.

56
Q

Why do governments have laws to ensure that there is competition?

A

Governments have laws to ensure that there is competition because many producers offer products for the same price. It’s illegal for producers to “fix prices” — agree among themselves on what to charge for a product they all supply.

57
Q

Where does money for education come from?

A

It comes from money collected and distributed by the government from taxes.

58
Q

What is a strike?

A

A strike is a cessation of work by workers. Strikes pressure employers to respond to issues that concern workers.

59
Q

Why do employees sometimes strike?

A

Employees strike because they want higher wages and less hours. Strikes can also cause issues about benefits these employees have such as, time off and pensions, working conditions.

60
Q

Labour unions do what? What do they provide workers the ability to do?

A
  • Labour unions are organizations of workers that act to protect workers’ rights and interests.
  • Unions provide a way for workers to act as a group. Unions make collective bargaining possible.
61
Q

As a result of labour laws what can employers no longer do?

A

Because of unions and labour laws, Canada no longer allows employers to hire children full time, or for dangerous jobs like coal mining.

62
Q

What are two negative impacts of having unions?

A

Make demands that are not good for the economy or for workers.
Unions also hold society hostage.

63
Q

What does historical context do?

A

Historical context concerns events, and accepted values and attitudes, that shape responses to issues.

64
Q

When did the Winnipeg General Strike occur?

A

June 1919.

65
Q

What protects collective bargaining in Canada?

A

The Charterof Rights and Freedoms protects bargaining in Canada.

66
Q

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

A
  1. What is needed or wanted?
  2. How will it be produced?
  3. Who will get it?
67
Q

What are three basic ‘factors of production’?

A
  1. Land
  2. Labour
  3. Capital
68
Q

What are the 3 types of economies?

A
  1. Planned Economy
  2. Mixed Economy
  3. Market Economy
69
Q

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

A

Canada has more government involvement.

70
Q

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

A
  1. Publicly fund health care.
  2. Pensions for senior citizens.

SOCIAL - IMMIGRATION (5 decks)

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