Chapter 6 Issues for Canadians

Question 1

This happens when one producer controls all supply of a service.

Accepted Answer

Monoploly

Question 2

The term used for describing "the wants and needs of consumers for products and services "

Accepted Answer

demand

Question 3

Those who use products and services

Accepted Answer

consumers

Question 4

In a market economy, who would be in charge of supply and demand?

Accepted Answer

individuals

Question 5

The term used for those "who create products and services"

Accepted Answer

producers

Question 6

This is a cessation (stoppage) of work by workers

Accepted Answer

strike

Question 7

An organization of workers that acts to protect workers rights and interests

Accepted Answer

labour union

Question 8

The percentage of the workforce that does not have jobs.

Accepted Answer

unemployment rate

Question 9

If a market economy government was running the country, how would it respond to a strike?

Accepted Answer

Declare the strike is unfair

Question 10

In economics rivalry among producers to sell products to consumers is called...

Accepted Answer

Competition

Question 11

The term used for the products and services created by the producers.

Accepted Answer

supply

Question 12

ln a market economy the consumer...

Accepted Answer

makes all the decisions

Question 13

In a market economy a consumer

Accepted Answer

hates a monopoly

Question 14

A supporter of market economies would

Accepted Answer

not like collective bargaining

Question 15

An example of collective bargaining is

Accepted Answer

negotiating a deal as part of a group of workers

Question 16

Would a market economist support a labour union?

Accepted Answer

no

Question 17

In a market economy how does the consumer feel about competition?

Accepted Answer

They love it!

Questions 17