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

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

What are the three basic 'factors of production'?

The principle of the US economy is...

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

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

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

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

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

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

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

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

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

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

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

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

What is scarcity?

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

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

T/F: You would follow @passionforpugs on Instagram

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

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

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

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

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

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

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

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

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

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

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

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