Ms. To Social Studies 9: Chapter 6 - Economic Systems Review

T/F: Market economies are characterized by more involvement from individuals

T/F: Planned economies are characterized by little government involvement

What is scarcity?

What are the three basic 'factors of production'?

TF Canada's position on the economic continuum shifts depending on the political party in power

The general idea behind 'Peace, Order and Good Governmemt' is best described as...

T/F: When demand goes up, supply goes down and prices go UP, UP AND AWAY!

In economics, rivalry among producers to sell products to consumers is known as...

T/F: When the supply of a product goes up, prices go down and demand goes down

An econ' where resources are publicly owned is a...

An economy where resources are both publicly and privately owned is a...

T/F: An economic system is the way a society organizes prod/distr/consump of goods/services

T/F: You would follow @passionforpugs on Instagram

T/F: When the supply of a product goes up, prices go down, demand increases

T/F: When the price of a product goes up, demand goes down amd supply increases

An economy where individual consumers drive economic decision making...

the part of the economy owned and controlled by the gov't and paid for by taxes is said to be..

An economy where individuals make decisions on how to use resources...

An economy where resources are privately owned is a...

A part of the economy controlled and owned by businesses and individuals is considered to be...

T/F: Mixed economies are characterized by a mix of individual and gov't decision making

An economy where individuals have little say in economic decision making is a...

T/F: When demand for a product goes up, supply goes up

T/F: When the price of a product goes up, demand goes up

The type of economy that is exercised and practiced in the USA is a...

The general wellbeing of individuals and societies/outlining positives and negatives of life is

An economy where individuals and gov't make decisions about production...

The principle of the US economy is...

An economy where the gov't makes decisions on how to use resources is a...

The type of economy that is exercised and practiced in Canada is a...

P.O.G.G stands for...

An economy where individuals and gov't influence economic decision making is a...