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SOC 9 - Chapter 6 Economic Systems Version 2 Flashcards | StudBud
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SOC 9 - Chapter 6 Economic Systems Version 2
SOC 9 - Chapter 6 Economic Systems Version 2
23 terms
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StudBud Administration
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Economic Systems Review
Flashcards
23 cards
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Practice quiz
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Questions
23
Answers
1
Conservatives are to the __________ on the economic spectrum.
Right
Left
2
Canada's economic system is based on the belief that the what is good for society is about
what is best for individuals will be what's best for all
individuals considering each other and working cooperatively
3
A shift on the economic spectrum towards more government involvement...
Shift RIGHT
Shift LEFT
4
The products and services created by producers
produce
capital
supply
demand
5
The part of the economy that is owned and controlled by businesses and individuals...
publicly owned
conservative controlled
government owned
privately owned
6
"The public good" is about what is good for
the individual citizen
government and leadership
spending of tax money
society as a whole
7
What is the United States' founding principle?
"peace order and good government"
"may the force be with you"
"life, liberty and the pursuit of happiness
"one for all and all for one"
8
In this type of economy, government makes ALL decisions about resources and managing scarcity.
Mixed
Planned
Market
Public
9
Those who use products and services
consumers
suppliers
economists
demanders
10
China has a _________ economy.
Mixed
Market
Private
Planned
11
The idea that land/labour/capital limit the supply. Not enough for everyone to get it free.
Demand
Supply
Economics
Scarcity
12
The way a society organizes the production, distribution and consumption of goods / services...
economic system
economy
economics
13
The United States has a ___________ economy.
Public
Market
Mixed
Planned
14
NDP party is to the _____ on the economic spectrum.
Right
Center
Left
15
The choices of individuals solve scarcity. Private businesses own and manage resources.
Mixed economy
Public economy
Planned economy
Market economy
16
In this economy, private ownership and government control are balanced.
Mixed
Market
Planned
Privatized
17
The study of production, distribution and consumption of goods and services...
economics
economic system
economy
18
Liberals are to the _____ of Conservatives on the economic spectrum.
Right
Left
19
What is Canada's founding principle?
"may the force be with you"
"peace order and good government"
"one for all and all for one"
"life, liberty and the pursuit of happiness
20
Canada and USA economies both strive to answer the following questions...WHAT IS THE BEST WAY
to ensure a wealthy and prosperous country
to achieve the common good?
to meet the demands of the economy?
to meet the needs of the most productive citizens?
21
A shift on the economic spectrum towards less government involvement...
Shift RIGHT
Shift LEFT
22
The part of the economy that is controlled by government and paid for by taxes...
privatized economy
privately owned
conservative controlled
publicly owned
23
Canada has a __________ economy.
Market
Planned
Public
Mixed
