Economics

Question 1

Economy

Answer 1

The system of production, distribution, and consumption of goods and services within a society

Question 2

Goods

Answer 2

Products produced to satisfy the needs/wants of customers

Question 3

Services

Answer 3

Actions performed by others in exchange for payment, such as education or healthcare (essentially just people doing jobs)

Question 4

Scarcity

Answer 4

A condition where resources are limited

Question 5

Individualism

Answer 5

A form of economic government where values are more focused towards individual rights, freedoms, and self-interest

Question 6

Planned Economy

Answer 6

An economic state where all (or most) of the economy is planned and controlled by the government.

Question 7

Command Economy

Answer 7

An economic system where the government strictly controls the production and distribution of products

Question 8

Capitalism

Answer 8

An economic system where a country’s trade is controlled by private ownership for profit.

Question 9

Socialism

Answer 9

A system where the government or the community works together to own and control things like businesses and services.

Question 10

Mixed economy

Answer 10

An economic system that uses attributes from both socialism and capitalism

Question 11

Market economy

Answer 11

An economic system where all decisions about production and distribution is controlled by individuals and businesses in the market

Question 12

Privately owned

Answer 12

A business or company that is owned by private individuals (not associated with the government)

Question 13

Publicly owned

Answer 13

A business, corporation, or service that is owned mostly by the collective public

Question 14

Crown corporations

Answer 14

A business operated and controlled by the government

Question 15

Supply

Answer 15

The amount of a product or service that can be distributed

Question 16

Demand

Answer 16

The want/need for a product or service

Question 17

Producers

Answer 17

A group of people who create products or services to be distributed to consumers

Question 18

Consumers

Answer 18

Individuals who purchase or obtain products and services created by producers

Question 19

Competition

Answer 19

A form of business where one company is in conflict with another for customers

Question 20

Monopoly

Answer 20

A form of business where one company has no conflict with any other companies (most likely because they are the only one with access to that product)

Question 21

Unions

Answer 21

A group of workers who form together to fight for proper rights and freedoms

Question 22

Strikes

Answer 22

An organization of people who stop working and protest for better working conditions, better pay, etc.

Question 23

Collective barganing

Answer 23

Negotiations between employers and a group of employees to determine working conditions, wages, and benefits.

Question 24

Quality of life

Answer 24

The satisfaction of individuals or societies, often influenced by economic factors

Question 25

Boycotts

Answer 25

Efforts to prevent people from purchasing a product or service as a way of protesting

Question 26

Taxation

Answer 26

Charges laid against individuals by the government to provide funding

Question 27

Perceived obsolescence

Answer 27

The belief that a product is no longer desirable or functional, often due to marketing strategies.

Question 28

Planned Obsolescence

Answer 28

The intentional design of products to have a limited lifespan

Question 29

Ethics

Answer 29

Values that guide human behavior and decision-making.

Question 30

Tax evasion

Answer 30

Purposefully avoiding paying taxes by under reporting income or claiming false deductions

Question 31

Difference between a Command economy and a Planned economy

Answer 31

Command economies are where the government controls the production and distribution of products, while Planned economies are where the government decides where, what, and who can create products

Question 32

True or False:
Your employer can pay you less based on the amount of work you do.

Answer 32

False
Your employer cannot pay you less based on how much work you do, but they can fire you.

Question 33

3 Factors of production

Answer 33

1. Land
2. Labour
3. Capital

Question 34

Definition and some examples of “Land” as a factor of production

Answer 34

Definition:Raw minerals extracted from nature used to make a product
Examples:
1. Trees
2. Iron / steel
3. Gas / oil

Question 35

Definition and some examples of “Labour” as a factor of production

Answer 35

Definition: The physical work needed to make a product
Examples:
1. Paid employees
2. unpaid workers
3. volunteers

Question 36

Definition and some examples of “Capital” as a factor of production

Answer 36

Definition: capital goods, or man-made resources like tools and infrastructure used to make a product
Examples:
1. Money
2. Tools
3. idk… an MRI machine

Question 37

Three economic questions
(What should a producer ask themselves about a product

Answer 37

1. What do people want and need
   (what is the product)
2. How will this product be made?
3. Who will buy this product

Question 38

Ethos

Answer 38

Establishing a connection with your audience and making them trust you

Question 39

Pathos

Answer 39

Getting your audience to feel something emotionally and inspiring them

Question 40

Logos

Answer 40

Using facts and logic to prove your opinion to your audience.