unlimited wants limited resources

What are the four factors of production?

Land, Labor, capital, Entrepreneurship

Command Economy Meaning?

one in which a central authority decides what goods will be produced

If the demand from consumers goes up, what happens to the supply and price?

the supply goes down, the price goes up

What's best for society as a whole

those who use products and services

What is a mixed economy?

Combines elements of the command and market economies

Where does the United States sit on the economic continuum?

More towards the market side (Right)

Quality of life is...

A persons happiness, well being and satisfaction

Employee's respond to issues that concerns them.

Two social services provided by the Canadian Government are:

pensions for seniors, publicly funded health care

What is the underground economy?

Economic activity and income not reported to the government

What would happen to the DEMAND if the price went up?

The demand goes down, the supply goes up

What is a trade/labour union?

organization to promote worker's rights and improve wages

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Social Studies 9~Chapter 6

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Social Studies Grade 9 Chapter 6 ~"To What Extent Do Economic Systems Effect Quality Of Life?" ~Test

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Questions 22

Answers

1
what is scarcity
unlimited wants limited resources
money borrowed to invest in the stock market
the unlimited access to goods, services & labor
a resource used in production of other products
2
What are the four factors of production?
Land, Labor, capital, Entrepreneurship
Land, Liberty, Capital Entertainment
Water, Air, Earth, Fire
Land, Labor, Capital, Entertainment
3
Command Economy Meaning?
none of the above
one in which a central authority decides what goods will be produced
one in which someones central authority
one in which someones central authoirty to an item
4
If the demand from consumers goes up, what happens to the supply and price?
the supply goes up, the price goes up
the supply goes up, the price goes down
the supply goes down, the price goes down
the supply goes down, the price goes up
5
What is public good?
What's best for the majority of the population
what's best for the minority of the population
What's best for society as a whole
What's best for half the society
6
Command economy also known as
Governmental economy
service economy
developed economy
planned economy
7
Define "consumers":
those who respond to products and services
those who create products and services
the products and services created by producers
those who use products and services
8
In a market economy, the resources are __________.
privately owned
publicly owned
none
both
9
What is a mixed economy?
Combines elements of the command and market economies
The private ownership of economic
Making an economic decision independently
To dispose of things of value
10
In mixed economy, the resources are _________.
privately owned
none
publicly owned
both
11
Where does the United States sit on the economic continuum?
More towards the planned side (Left)
In the middle on mixed
More towards the market side (Right)
The United States isn't on the continuum
12
Quality of life is...
A reflection of a persons financial situation
The amount a person earns per year
The number of after lives you will have
A persons happiness, well being and satisfaction
13
Which is more government involved, the United States, or Canada?
Both are equal
Neither
Canada
United States
14
Define "strike":
Hours of certain employee's restricted
Employee's respond to issues that concerns them.
Employee's work overtime for he government
The government slows down work due to money loss
15
Canada has a ___________ economy.
mixed
market
planned
major
16
Two social services provided by the Canadian Government are:
funds to support farmers
cuts to government spending
pensions for seniors
publicly funded health care
17
What is the underground economy?
Economic activity and income reported to your parents
Economic activity and income not reported to the government
Economic activity and income reported to the government
Economic activity and income reported ONLY to the federal government
18
Another term for underground economy
black market
grey area
economy
tax evasion
19
The planned economy resources are___________.
Publicly owned
None of the above
Privately owned
Both
20
The United States has more of a _________ economy than Canada.
Planned
Market
Major
Mixed
21
What would happen to the DEMAND if the price went up?
The demand goes up, the supply goes up
The demand goes down, the supply goes up
The demand goes up, the supply goes down
The demand goes up, the supply goes up
22
What is a trade/labour union?
organization for trading labour units
organization to promote worker's rights and improve wages
group of workers to help each other out/to be friends
place where people come to look for labour jobs

Social Studies 9~Chapter 6 Flashcards | StudBud