What are the four factors of production?

Land, Labor, capital, Entrepreneurship

those who use products and services

What is a trade/labour union?

organization to promote worker's rights and improve wages

What is a mixed economy?

Combines elements of the command and market economies

Quality of life is...

A persons happiness, well being and satisfaction

What is the underground economy?

Economic activity and income not reported to the government

What's best for society as a whole

Employee's respond to issues that concerns them.

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

The demand goes down, the supply goes up

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

the supply goes down, the price goes up

unlimited wants limited resources

Two social services provided by the Canadian Government are:

publicly funded health care, pensions for seniors

Command Economy Meaning?

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

Where does the United States sit on the economic continuum?

More towards the market side (Right)

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

Social Studies 9~Chapter 6 Flashcards | StudBud