What is a trade/labour union?

organization to promote worker's rights and improve wages

Where does the United States sit on the economic continuum?

More towards the market side (Right)

Command Economy Meaning?

one in which a central authority decides what goods will be produced

What's best for society as a whole

What are the four factors of production?

Land, Labor, capital, Entrepreneurship

What is a mixed economy?

Combines elements of the command and market economies

What is the underground economy?

Economic activity and income not reported to the government

Employee's respond to issues that concerns them.

Two social services provided by the Canadian Government are:

pensions for seniors, publicly funded health care

Quality of life is...

A persons happiness, well being and satisfaction

unlimited wants limited resources

What would happen to the DEMAND if the price went up?

The demand goes down, the supply goes up

those who use products and services

If the demand from consumers goes up, what happens to the supply and price?

the supply goes down, the price goes up

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Social Studies 9~Chapter 6

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Social Studies Grade 9 Chapter 6 ~"To What Extent Do Economic Systems Effect Quality Of Life?" ~Test

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Questions 22

Answers

1
What is a trade/labour union?
organization to promote worker's rights and improve wages
organization for trading labour units
group of workers to help each other out/to be friends
place where people come to look for labour jobs
2
Canada has a ___________ economy.
market
planned
mixed
major
3
Where does the United States sit on the economic continuum?
The United States isn't on the continuum
In the middle on mixed
More towards the planned side (Left)
More towards the market side (Right)
4
Command Economy Meaning?
one in which someones central authority
one in which someones central authoirty to an item
one in which a central authority decides what goods will be produced
none of the above
5
What is public good?
What's best for half the society
What's best for the majority of the population
what's best for the minority of the population
What's best for society as a whole
6
In a market economy, the resources are __________.
none
publicly owned
privately owned
both
7
What are the four factors of production?
Land, Labor, capital, Entrepreneurship
Land, Labor, Capital, Entertainment
Land, Liberty, Capital Entertainment
Water, Air, Earth, Fire
8
Command economy also known as
service economy
developed economy
planned economy
Governmental economy
9
What is a mixed economy?
The private ownership of economic
To dispose of things of value
Making an economic decision independently
Combines elements of the command and market economies
10
What is the underground economy?
Economic activity and income not reported to the government
Economic activity and income reported ONLY to the federal government
Economic activity and income reported to your parents
Economic activity and income reported to the government
11
In mixed economy, the resources are _________.
none
publicly owned
both
privately owned
12
The United States has more of a _________ economy than Canada.
Planned
Major
Market
Mixed
13
Define "strike":
The government slows down work due to money loss
Employee's work overtime for he government
Employee's respond to issues that concerns them.
Hours of certain employee's restricted
14
Two social services provided by the Canadian Government are:
pensions for seniors
publicly funded health care
cuts to government spending
funds to support farmers
15
Quality of life is...
The number of after lives you will have
A persons happiness, well being and satisfaction
A reflection of a persons financial situation
The amount a person earns per year
16
what is scarcity
a resource used in production of other products
money borrowed to invest in the stock market
unlimited wants limited resources
the unlimited access to goods, services & labor
17
Which is more government involved, the United States, or Canada?
United States
Both are equal
Neither
Canada
18
What would happen to the DEMAND if the price went up?
The demand goes up, the supply goes down
The demand goes down, the supply goes up
The demand goes up, the supply goes up
The demand goes up, the supply goes up
19
Define "consumers":
those who use products and services
those who respond to products and services
the products and services created by producers
those who create products and services
20
The planned economy resources are___________.
None of the above
Privately owned
Both
Publicly owned
21
If the demand from consumers goes up, what happens to the supply and price?
the supply goes up, the price goes up
the supply goes down, the price goes up
the supply goes down, the price goes down
the supply goes up, the price goes down
22
Another term for underground economy
black market
grey area
economy
tax evasion

Social Studies 9~Chapter 6 Flashcards | StudBud