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