week 3 for PATS chapters 7-9 Flashcards
(25 cards)
What is the role of consumerism in influencing economic decisions?
Consumerism influences what products are made, their price, and their availability.
How does supply and demand affect pricing?
When supply is high and demand is low, prices drop; when supply is low and demand is high, prices rise.
What is a mixed economy?
An economic system combining private and public enterprise.
How does a mixed economy differ from a market economy?
A mixed economy includes government intervention, while a market economy does not.
What is the role of the government in a mixed economy?
To regulate and manage public resources, create jobs, and support economic stability.
What are crown corporations?
Government-owned companies that provide essential services or economic support.
How does the government support economic growth?
Through investments in infrastructure, education, and innovation.
What is economic disparity?
Economic inequality between different groups or regions.
What is the difference between public and private sectors?
Public sectors are government-run services, while private sectors are businesses owned by individuals or companies.
How does taxation support government programs?
Taxes fund health care, education, defense, and social services.
What is the purpose of social programs?
Programs funded by the government to support health, education, and welfare.
How do social programs differ between provinces?
Provinces can decide on the level and type of social programs they fund and provide.
What is universal health care?
A health care system where services are provided to all citizens regardless of their ability to pay.
What role does the government play in environmental protection?
Through regulations, conservation efforts, and pollution controls.
How does the government regulate natural resources?
By creating policies that ensure resources are managed responsibly and sustainably.
What is sustainable development?
Development that meets current needs without harming future generations.
What is the significance of labor unions?
Organizations that represent workers in negotiations with employers.
How do labor unions protect workers’ rights?
They negotiate wages, benefits, and working conditions.
What is collective bargaining?
Negotiation between employers and a group of employees to determine conditions of employment.
How does globalization impact the Canadian economy?
Globalization opens markets, increases competition, and can lead to economic growth.
What are trade agreements?
Agreements between countries to reduce trade barriers and tariffs.
How does NAFTA (now USMCA) affect trade in Canada?
It allows for easier trade of goods and services between Canada, the U.S., and Mexico.
What is the purpose of tariffs?
Taxes on imports that make foreign products more expensive.
How does free trade benefit consumers?
Consumers benefit from lower prices and more variety.
