Economics

Question 1

What is Equality?

Answer 1

It is a planned Economy.

Question 2

What does Scarce mean?

Answer 2

Not very common or Rare

Question 3

What is the crown corporation run by?

Answer 3

The crown corporation run by the government.

Question 4

Economics study: 🍀

Answer 4

Economics study scarcity 🍀 and focus on decision making and focuses on what a buyer wants.

Question 5

Competitors affect the ________?

Answer 5

Price.

Question 6

Buyers and sellers come together. True or False?

Answer 6

True

Question 7

Price is lower demand goes?
A) Higher
B) Lower
C) It stays the same

Answer 7

Higher, the higher the demand the lower the price. We all want to save money somehow!

Question 8

Factors of production=

Answer 8

Land 🌏, Labour 👩‍⚖️, Capital, ⛳️ Enterprise. 🚗

Question 9

Shift left in Economics=

Answer 9

A shift on the economic continuum towards more government in the economy.

Remember that Left is Liberal and Liberals want a lot of government involvement.

Question 10

Right Shift in Economics

Answer 10

A shift on the economic continuum towards less government in the economy. Remember that Right is Conservative.

Question 11

What are the factors of production?

Answer 11

Land, labour, capital, and enterprise.
LLCE

Question 12

What type of economy does Canada have? The US?

Answer 12

USA: Market and
Canada: Mixed Economy.

Question 13

What is the difference between competition and monopoly?

Answer 13

In a monopolistic market there is only one finance that dictates the price 💵 and supply levels 📊 of goods and services. A competitive market is composed of many finances, where no finance has control.

Question 14

What sorts of rights do labour unions ensure?

Answer 14

Limited work hours, write to strike, pensions, and safe workplace.

Question 15

According to your textbook which province has the lowest unemployment? The highest?

Answer 15

Alberta, Newfoundland and Labrador.

Question 16

Consumer choice is important in both mixed and market economies.
True or False?

Answer 16

True consumer choice is important in both mixed and market economies.

Question 17

China used to be an example of what kind of economy?

Answer 17

Planned or command economy.

Question 18

What is involved in a “shift left” and a “shift right”?

Answer 18

Left shows more government involvement, right is less.

Question 19

What is the purpose of a strike?

Answer 19

Is to put pressure on the employer to get what employees want.

Question 20

What crisis took place in the 1930’s?

Answer 20

The Great Depression

Question 21

What crisis took place in the 1930’s?

Answer 21

The Great Depression

Question 22

What is the founding principal of Canada? Of the US?

Answer 22

Canada peace, order, and good government, USA life, liberty, and the pursuit of happiness.

Question 23

What do you call money given by the government to support artists?

Answer 23

Grant

Question 24

What is the purpose of Crown Corporations?

Answer 24

To provide services where they might not be profitable.

Question 25

Brian Mulroney was a Conservation PM of Canada and he supported less government involvement. Why do you think this?

Answer 25

Because on the right side of the spectrum they lean towards less government. He was a conservative

Question 26

Collective bargaining is protected under the _________________?

Answer 26

Charter of Rights and Freedoms.

Question 27

Economics:

Answer 27

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

Question 28

What is a Economic system:

Answer 28

_production_, _distribution_ and _consumption_ of **goods and services.** 👍🐕‍🦺 *goods and service dog*

Question 29

Scarcity:

Answer 29

The limit of stuff! When something is scare it is considered "Rare"

Question 30

Which province had the lowest unemployment rate in 2006 according to the text?

Answer 30

Alberta

Question 31

What sort of things exist in Canada as a result of labour unions?

Answer 31

-Raise the wages of their workers (More money for workers)👷 - That means forcing consumers to pay more for what they buy 💵 -Costing some workers their jobs. ☹️

Question 32

Children cannot be hired full time for employment. True or False

Answer 32

True Children cannot be hired full time for employment.

Question 33

Where does the government get money to pay for services such as education and healthcare?

Answer 33

Taxes