stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
S9: Economics Flashcards | StudBud
Explore
/
S9: Economics
S9: Economics
31 terms
·
StudBud Administration
·
4 plays
Imported from external platform
Flashcards
31 cards
F
Practice quiz
P
Host live
L
Questions
31
Answers
1
What is the purpose of the Competition Act in Canada?
Encouraging competitive prices and product choices
Protecting monopolies
Regulating labor unions
Limiting consumer choices
2
What is collective bargaining?
A negotiation between businesses
A negotiation between government officials and businesses
A negotiation between workers and management for a contract
A negotiation between consumers and producers
3
What aspect does the Quality of Life measure?
Economic growth
Material wealth
Government expenditure
Overall well-being and satisfaction
4
What is a monopoly?
A market with perfect competition
Complete control of a product or business by one entity
A government-regulated market
A market with multiple competitors
5
What does the Economic Continuum describe?
The fluctuation of stock prices
The relationship between supply and demand
The distribution of wealth among individuals
The spectrum of government control over the economy
6
What does an economic system refer to?
A method used by a society to produce and distribute goods and services
A method used for social organization
A method used for cultural preservation
A method used for political governance
7
In a planned economy, financial decisions are primarily made by whom?
Consumer demand
Private investors
Government authorities
Labor unions
8
What does the term "limited resources" imply?
Government control over resources
Abundance of resources
Equal distribution of resources
Finite availability of resources
9
What is the struggle among producers for the dollars of consumers called?
Collaboration
Monopoly
Cooperation
Competition
10
What is economics concerned with?
The production, consumption, and transfer of wealth
Health
Politics
Religion
11
Who are consumers?
People that buy goods or services
Government officials
Producers
Labor unions
12
What is public good?
good or service for which it would be impractical to make consumers pay
A good or service provided by individuals
A good or service only available to the wealthy
A good or service only available to the government
13
What does the unemployment rate measure?
The percentage of the labor force that is unemployed
The percentage of employed individuals
The percentage of people not in the labor force
The percentage of people with jobs
14
What does demand represent?
The quantity of a good/service that government is willing and able to buy
The quantity of a good/service that consumers are willing and able to buy
The quantity of a good/service that producers are willing and able to buy
quantity of a good/service that labor unions are willing and able to buy
15
What characterizes a mixed economy?
Exclusively private ownership
Limited consumer choice
Inclusion of both private and public enterprises
Complete government control
16
What is supply?
The amount of goods available
The quantity of goods demanded
The amount of goods available
The amount of money in circulation
17
What is the term for an item necessary for survival, such as air or food?
Need
Luxury
Want
Desire
18
What is a strike?
A refusal to work until a problem is resolved
A government intervention in labor disputes
A movement to decrease taxes
A violent protest
19
Which sector includes industries dealing with information and specialized skills?
Secondary Industries
Quaternary Industries
Primary Industries
Tertiary Industries
20
What is the primary focus of the Competition Act?
Promoting monopolies
Controlling government spending
Regulating labor unions
Maintaining and encouraging competition in Canada
21
What does capital refer to?
Natural resources
Money for investment
Labor
Goods and services
22
Which economic system is based on voluntary exchange and not controlled by a central authority?
Mixed Economy
Command Economy
Planned Economy
Market Economy
23
What does demand represent?
The quantity of goods available
The quantity of goods that consumers are willing and able to buy
The quantity of goods produced
The quantity of goods supplied
24
What is scarcity?
When resources exceed wants
When resources are not needed
When wants and resources are equal
When wants exceed resources
25
What is a labor union?
A government agency regulating labor laws
A private enterprise controlling labor markets
An organization of workers protecting workers' rights and interests
An organization of workers protecting workers' rights and interests
26
Who controls the privately owned part of the economy?
Labor unions
Consumers
Businesses and individuals
Government
27
What is the distinguishing feature of quaternary industries?
Raw material extraction
Provision of services to consumers
Assembly of finished goods
Specialized skills or knowledge
28
Who are producers?
Consumers
Suppliers of goods or services
Laborers
Government officials
29
Who owns and controls privately owned parts of the economy?
Businesses and individuals
Government
Religious organizations
Labor unions
30
Which term refers to businesses and industries owned by the Canadian government?
Privately Owned
Publicly Owned
Private Corporation
Crown Corporation
31
What are primary industries concerned with?
Distributing goods to consumers
Assembling finished goods
Providing services
Extraction or collection of raw materials
