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SOC 9 - Chapter 6 Economic Systems Flashcards | StudBud
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SOC 9 - Chapter 6 Economic Systems
SOC 9 - Chapter 6 Economic Systems
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1
In this type of economy, government makes ALL decisions about resources and managing scarcity.
Planned
Market
Mixed
Public
2
China has a _________ economy.
Planned
Private
Mixed
Market
3
The part of the economy that is controlled by government and paid for by taxes...
conservative controlled
publicly owned
privately owned
privatized economy
4
True or False: Canada's gov sometimes becomes involved in economy in order to preserve culture.
True
False
5
If the supply goes up and the price goes down, what happens to the demand?
Up
Equilibrium
Down
6
What is a Crown Corporation? A corporation owned and operated by the
people
government
monarchy
private sector
7
Canada has a __________ economy.
Mixed
Planned
Public
Market
8
Which of the following is NOT a reason for creating a crown corporation?
provide essential services
promote economic development
to increase tax revenue
support Canadian culture and identity
9
The percentage of the workforce that does not have jobs is referred to as the
unfilled rate of pay
workforce employment rate
employment rate
unemployment rate
10
Canada's economic system is based on the belief that the what is good for society is about
what is best for individuals will be what's best for all
individuals considering each other and working cooperatively
11
A shift on the economic spectrum towards less government involvement...
Shift LEFT
Shift RIGHT
12
Conservatives are
Left of center
Right of center
13
What happens when the demand goes up and the supply goes down?
Equilibrium
Price goes down
Price goes up
14
The products and services created by producers
demand
capital
supply
produce
15
The idea that land/labour/capital limit the supply. Not enough for everyone to get it free.
Demand
Scarcity
Economics
Supply
16
The study of production, distribution and consumption of goods and services...
economy
economic system
economics
17
In this economy, private ownership and government control are balanced.
Market
Privatized
Planned
Mixed
18
Those who use products and services
economists
consumers
demanders
suppliers
19
The way a society organizes the production, distribution and consumption of goods / services...
economic system
economics
economy
20
NDP party is
Right of Center
Left of Center
Center
21
Negotiating as a whole group is called ______ and is a key right established by unions.
collective bargaining
social ambiguity
social bargaining
collective ambiguity
22
A cessation of work by workers (when workers stop working) in order to put pressure on employer
strike
workmen's compensation
labour freeze
workplace freeze
23
A shift on the economic spectrum towards more government involvedment...
Shift RIGHT
Shift LEFT
24
The part of the economy that is owned and controlled by businesses and individuals...
privately owned
conservative controlled
publicly owned
government owned
25
Liberals are
Left of center
Right of center
26
Canada and USA economies both strive to answer the following questions...WHAT IS THE BEST WAY
to meet the needs of the most productive citizens?
to achieve the common good?
to ensure a wealthy and prosperous country
to meet the demands of the economy?
27
"The public good" is about what is good for
spending of tax money
the individual citizen
government and leadership
society as a whole
28
The United States has a ___________ economy.
Market
Public
Planned
Mixed
29
The choices of individuals solve scarcity. Private businesses own and manage resources.
Planned economy
Mixed economy
Public economy
Market economy
