economics (not vocab actual questions) P.2222222222222222222 Flashcards
(31 cards)
What is a Crown corporation
A crown corporation is a company owned by Canada’s government to provide products and services to Canadians.
Why do economists say that Canada has a mixed economy?
Economists say this because Canadians own private property
What is the founding principle of the United States?
Life, liberty, and the pursuit of happiness
The above founding principle reflects?
the idea of indivivualsim
The U.S. generally values?
Usually values individual economic decision making, with the little involvement of the government
The kind of economy that the U.S. is said to have is?
Market
Three examples of more govt. involvement?
Pensions for senior citizens
Publicly funded health care
Subsides for people in need
Two examples of reduced govt. involvement?
Privatizing government corporations
Cuts to government spending
What is important to both the market and mixed economies?
The individual choices of consumers are a very important factor.
What is a state of equilibrium?
when supply is equal to demand
If Demand goes up, what happens to supply?
supply goes down
If the price goes up, what happens to demand?
demand goes down
What happens when the supply goes up
demand goes down
What is competition trying to do?
to get you to buy their product
What is the opposite of competition?
Monopoly
Why do governments sometimes create monopolies?
Governments sometimes create monopolies as a way to provide essential services that require expensive infrastructure, such as water lines or sewer lines an example would be the canadian wheat board
Governments get involved in market economics because
Sometimes governments get involved to inform, protect or ensure good practices.
What are some laws that came about to protect public health?
Canada, along with many others, have laws requiring products, such as foods and cosmetics, to carry labels listing ingredients
Why do consumers pay a tire tax when they buy tires?
Consumers pay tire tax because it helps recycle the tires, so they dont go to landfills
Why do governments have laws to ensure that there is competition?
Governments have laws to ensure competition among producers, such as oil and gas companies. Because of competition, many producers offer products for the same price. It’s illegal for producers to “fix prices”
Where does money for education come from?
The money for education comes from money collected and distributed by the government. (From taxes).
Which 2 provinces have the lowest unemployment rate in 2013?
alberta and saskatchewan
What is a strike?
A cessation of work by workers STrikes pressure employers to respond to issues that concern workers
Why do employees sometimes strike?
Working conditions, pay and days off
