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Grade 9: Chapter 6: Economic Systems Flashcards | StudBud
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Grade 9: Chapter 6: Economic Systems
Grade 9: Chapter 6: Economic Systems
35 terms
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StudBud Administration
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A #socialstudies unit review on Canadian and American Economic Systems.
Flashcards
35 cards
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Practice quiz
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Questions
35
Answers
1
What is the "products and services created by producers" called?
Demand
Supply
2
The United States has which type of economy?
market
Traditional
Mixed
Command
3
If there is high demand and low supply, what should happen to prices?
go down
go up
nothing
4
What can workers do to pressure employers to respond to issues that concern the workers?
strike
quit
do nothing
5
When the Liberals won the last federal election, was it a shift right or a shift left?
No shift
Left
Right
6
Which country is an example of a planned economy?
Canada
USA
Former USSR
Sweden
7
The way a society organizes the production, distribution, and consumption of goods and services
economic system
social system
government system
political system
8
What consists of all the materials found in the natural environment?
stone
land
water
forrest
9
If the demand for a product decreases, what will happen to supply AND price?
supply - decreases price - increases
supply - increases price - decreases
supply - increases price - increases
supply - decreases price - decreases
10
Which country has more government involvement in the economy, Canada or the USA?
USA
Canada
11
What is the word for "a person who purchases goods and services"?
producer
government
Consumer
12
System where resources are privately owned and whose individuals make the economic decisions?
planned
market
mixed
socialist
13
a person, company, or country that makes, grows, or supplies goods or services for sale?
Consumer
government
Producer
14
Every country must develop a(n) _____ system to determine how to use its productive resources.
civil
criminal
Dual court
economic
15
when a seller faces no competition because he is the sole seller of goods / controls the market
Oligopoly
duopolies
Monopoly
16
What is "an organization of workers that works to protect workers' rights & interests" called?
government union
working union
labour union
Executive union
17
System where some resources are publicly owned & others privately owned.
planned
mixed
socialist
market
18
When Trump (a Republican) won the presidental election, was it a shift right or a shift left?
No Shift
Left
Right
19
What country is an example of socialism?
Sweden
Former USSR
USA
Canada
20
What consists of the money that people own or borrow?
land
profit
Capital
labour
21
A business owned by the Canadian government because it's considered an essential service
Confederate Corporation
business Corporation
Royal Corporation
Crown Corporation
22
What is it called when a group negotiates as a whole?
government Bargaining
single bargaining
union Bargaining
Collective Bargaining
23
What consists of the physical and mental effort?
land
labour
profit
capital
24
What is another name for a market economy?
Fascism
Communism
Capitalism
Socialism
25
Which of the following is NOT a factor of production?
labour
capital
profit
land
26
The term for when the ideal spot is found that balances supply & demand at a fair price
equality
equalization
equilibrium
27
What kind of economic system does Canada have?
market
mixed
command
traditional
28
If the price of a product decreases, what will happen to supply AND demand?
supply - decreases demand - decreases
supply - increases demand - increases
supply - decreases demand - increases
supply - increases demand - decreases
29
system where resources are publicly owned & where the government makes economic decisions
socialist
planned
mixed
market
30
This word describes the fact that there are unlimited wants but limited resourceds.
opportunity cost
Scarcity
Resources
Price
31
If there is low demand and high supply, what should happen to prices?
go up
go down
nothing
32
Is "freedom of choice" an indicator of quality of life?
Maybe
No
Yes
33
Which one is NOT one of the basic economic questions?
Who will get the product or service?
What product or service will be made/offered?
Who will buy the product or service?
What is the product or service going to cost?
34
The rivalry between producers of a good results in better quality goods at a lower price.
capitalism
competition
corporation
consumer sovereignty
35
What is the "wants and needs of consumers for products and services" called?
Supply
Demand
