Define: Competition
the opposite of a monopoly- competition with other businesses for more consumers
-Sometimes businesses will have better prices, have better quality goods, or offer something that the other businesses don’t have! Ex: Mcdonald’s competes with Dairy Queen
Define: Labour Union
a group that protects workers’ rights in key areas such as wages, hours, and working conditions
-Example: Teachers have a Labour Union that allows them to go on strike and protects them if they get into trouble
Define: Scarcity
the idea that resources are limited
-We don’t have enough of something (water, oil, food, etc.)
LAND/LABOUR/CAPITAL? construction workers, agricultural workers, and restaurant staff all provide this basic factor of production
Labour
Canada has a ________________ economic system
Mixed
USA has a ______________ economic system
Market
China USED TO have a _____________ economic system but does not anymore
Planned
LAND/LABOUR/CAPITAL? money required to purchase equipment, tools, or resources is this basic factor of production
capital
What are the THREE factors of production in economics?
Land, Labour, Capital
What are the 3 questions needed to answer to solve scarcity?
- What is needed/wanted?
- How will it be produced?
- Who will get it?
Define: capitalism
Industries and trade are controlled by PRIVATE ownership, rather than the government
Has Covid 19 caused a shift LEFT or RIGHT in Canadian government?
Left, due to more government involvement
Is collectivism (group focused rather than individual focused) closer to the LEFT or to the RIGHT on the spectrum?
LEFT
The Canadian Wheat Board is considered to be an agency or a monopoly?
Monopoly
What is an example of a Crown Corportation?
The CBC, or Petro Canada
What is the difference between individualism and collectivism?
Individualism focuses on each individual benefitting themselves for the betterment of society.
Collectivism focuses on making things better for all people for the betterment of society.
Is US more closely related to individualism or collectivism?
Individualism
Usually, if the supply goes down, the demand goes_______ and the price goes ______
Demand goes UP
Price goes UP
Usually, if the supply goes up, the demand goes_______ and the price goes ______
Demand: DOWN
Price: DOWN
Usually, if the demand goes up, the supply goes ________ and the price goes________
Supply: DOWN
Price: UP
Usually, if the demand goes down, the supply goes _______ and the price goes ________
Supply: UP
Price: DOWN
What are the beliefs that correspond with MARKET economy
- Less government involvement is better
- Less taxes is better
- People need to fend for themselves
- If you work hard, you get rewarded
What are the beliefs that correspond with MIXED economy
- Mix between government and private businesses
- there should be some taxes
- People need to work hard, but the government will be there to assist if needed
What are the beliefs that correspond with PLANNED economy
- Government should own everything
- Government should decided societies needs and wants
- Government sets prices
- If you need help, the government will be there to assist
