What is mixed economy?

Economy has a mix of both private and publicly owned businesses

What is the main advantage of a mixed economy?

resources allocated by both price and government decision

What is a labour union?

an organization of workers that protect workers rights

What is the definition of Crown Corporation?

Companies established by the state or a government

What is the idea of consumerism?

To not only buy what you need but also what you want.

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Economic Systems & Consumerism

15 termsStudBud Administration110 plays

Chapter 6 and 7 in Grade 9 Social Studies

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Questions 15

Answers

1
What type of economy is the US mostly based on?
Mixed Economy
Planned Economy
Market Economy
2
Canada is based on a market economy but still has government intervention.
True
False
3
What is market economy?
Individuals are in charge
No one is in charge
Government is in charge
Both government and individuals are in charge
4
What is scarcity?
More than enough
Short supply
The right amount
5
What happens when the Supply is low and the demand is high?
The price decreases
The price increaces
6
What is mixed economy?
None of the above
Economy has a mix of both private and publicly owned businesses
Economy is based off government economic decision making
Economy is based off of privately owned businesses
7
What is the main advantage of a mixed economy?
government can encourage consumption of beneficial products
government can discourage the consumption of bad products
resources allocated by both price and government decision
government can stop exploitation from private firms
8
What is a labour union?
an organization that is designed for employers
an organization that is designed for only American workers
an organization of workers that value unfairness
an organization of workers that protect workers rights
9
What is the definition of Crown Corporation?
A type of social service provided to workers
Companies established by the state or a government
A company that is privatized
How the government handles taxes
10
A monopoly is the possession and control of the supply of products is controlled by multiple companies
True
False
11
Can a government be in between the spectrum of mixed and market?
No
Yes
12
Which party is more right wing?
Liberal
Conservative
13
What is the idea of consumerism?
To eat as much food as possible.
For everyone to be in the same social class and have the same stuff.
To buy only what you need as nothing else.
To not only buy what you need but also what you want.
14
Which party is more left?
Liberal
Conservative
15
What happens when the supply is high and the demand is low?
You have the equlibram
The Prices tend to fall
Prices go crazy and have a party
The Prices tend to increase

Economic Systems & Consumerism Flashcards | StudBud