You And Tge Economy Flashcards
What economic system does Canada have
Mixed blend of
Free Enterprise: less government involvement main goal is profit
Planned economy: government takes control and focussed on fairness
Goods
Physical objects the people buy
Services
Actions one is paid to do
Supply
The amount of something one has
Demand
Desire for a product that one can afford
Why do prices on goods and services rise and fall
High demand = high price
Low demand = low price
High supply = low price
Low supply = high price
Labour unions
Organization of workers who help to Make conditions for workers better
2 types of labour unions
- Craft = all people of 1 trade
2. Industrial union = an association of all types of workers
How does counterfeiting affect supply and demand
Supply= high supply because other people are making the same product
Demand = low demand because product gets bad name from fake companies
What are concerns of counterfeit products
Cheap material
Health hazards
Destroys original products name
Businesses go under
Why didn’t Canada stop conterferiting
No political will
No funds set aside
Who loses when counterfeit products are bought
The original company
Employees
People who bought the cheap product
Who sells counterfeits
People on streets who need money
Criminals
Economy?
The running of a household or where money travels
