Economic Systems Review

"I want a government who won't hang me out to dry if I hit hard economic times" would want a

A company that has sole control or ownership over a business or resource is a monopoly 

Senior Pensions and Public Health Care represent a shift left

The correct economic systems are:

Competition and monopoly are the same thing

Supply = Demand = Price =???

The Factors of Production are supply and demand.

An organization created to work towards employment rights and standards is a 

The Canadian government INCREASES government intervention: this is a shift ________

There are 1000 video games for sale, 5000 people want the game, what will happen to the price?

Not enough factors of production leads to economic scarcity.

The video discusses changes to Cuba's economy, these change would be a shift ______.

In a Market economy, what is the government's main duty?

The video shows the country Cuba, what type of economic system does Cuba have CURRENTLY?

How would a Mixed economy respond to unemployment?

In a mixed and market economy, what is the job/role of the CONSUMER?

When wants do not equal resources this is known as_______________?

As demand goes up, supply goes down, and the price goes down too

In what kind of economy are economic decisions controlled by the gov't? (2 answers)

In Canada, there is a lot of government ownership in 

Which of the following would be present in a Mixed, but NOT a Market economy

Which of the following is NOT an example of a factor of production?

I feel ready for this exam

Which of the following does NOT answer one of the economic questions?

Canada has a market economy and the US has a mixed