| Types of Economies | Canadian versus American Values | Crown Corporations and Labour Unions | Supply and Demand | Competition |
|---|---|---|---|---|
|
What is Canada's economic system?
Mixed economy
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What country values individualism?
The United States
|
What is a strike?
When workers stop work to advocate for better work conditions
|
What is supply?
The quantity of a product available for sale
|
What is competition?
When two or more companies offer similar products within the same market
|
|
What is a pure market economy?
No government involvement, consumers completely drive and control the economy
|
What country values the public good?
Canada
|
What is collective bargaining?
When workers come together within a union to negotiate contracts and working terms
|
What is equilibrium?
When supply, demand and price of a product are stable over time
|
What happens to prices if there is a lot of competition for a single product?
Prices go down and stay low to be competitive
|
|
What is North Korea's economic system?
Planned economy
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What is Canada's founding principle
Peace, Order and Good Government
|
What is a Crown Corporation?
A company owned and operated by the government
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What is scarcity?
When there is not enough supply to meet consumer demand
|
How do companies promote their companies within a competitive market?
Advertisements, endorsements, marketing campaigns
|
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Who is the primary economic decision maker in a mixed economy?
Both the government and individuals/consumers
|
What is the U.S' founding principle?
Life, Liberty, and the Pursuit of Happiness
|
What is Bloody Saturday?
The bloodiest labour dispute in Canadian history, happening in 1919 in Winnipeg
|
What happens to supply when demand is low?
It goes up
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What is a monopoly?
When one company owns the majority or entire supply of a product within a market
|
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How does Canada's placement on the economic spectrum change with different political parties in power?
With a Conservative government, Canada shifts more right, with a Liberal government, Canada shifts more left
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What is the primary benefit of higher government involvement in the Canadian economy when comparing Canada and the US?
Higher taxes mean more support for social programs like education and health care
|
What are the 3 purposes of Crown Corporations?
To provide essential services, to promote economic development, and to promote Canadian culture and identity
|
What happens to supply and price when demand is high?
Supply goes up, price goes up
|
Why do governments intervene into monopolies?
To promote economic growth, as competition is good for mixed and market economies. Also to limit the power and control of large companies
|
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