Unit 2 test - Economics Flashcards
(18 cards)
What is the definition of supply
Quantity of a product producers are willing to sell
What is sole proprietorship
Business owned and operated by one individual
what is a Market Based Economy
Economic system blending free market and government control
What is a trade agreement
Legal agreement that facilitates trade between countries
What is a cooperation
A business entity that exists as a separate legal entity
What happens in a market based economy
most goods and services are bought and sold and prices are determined by supply and demand, with a minimum of government interference
What is demand
the quantity of a good or service that consumers are willing and able to purchase at various prices during a given period of time
what is a partnership
owned by 2 or more partners
When demand for a product exceeds supply, the price will likely ____________.
increase
A ______________ is a business owned by shareholders and operates as a separate
legal entity.
corporation
In Canada, the economy is a mix of private enterprise and government involvement,
known as a ______________.
mixed market economy
The Competition Act in Canada helps prevent _____________ and encourages fair
competition.
anti-competitive practices
A _______________ refers to a legally binding agreement between two or more
countries, which helps facilitate trade.
FIPA or ‘Trade Agreement’
An increase in consumer demand usually leads to an increase in ______________ by
producers.
supply
The primary goal of ________________ in the marketplace is to drive innovation, reduce
prices, and improve product quality.
Competition
_______________ occurs when businesses develop new products or technologies,
which helps them gain a competitive advantage.
innovation
Businesses in Canada are influenced by trade relationships, economic systems, and
government policies, which together make up the _____________ market environment.
mixed
Canadian businesses innovate to meet local market demands but often have a
significant impact on the ______________ economy as well.
global
