Things to Study Chapter question work sheets (terms, opening questions, question sheet you did with the sub) TERMS! Practice term sheet again Notes Spectrum Tables from assignments This PowerPoint

Specific Questions on the test Correctly labeling an economic spectrum Disadvantages and advantages of the two extreme economic systems Supply and Demand Longer Answer will be on Labor

True or False Canada is a market economy.

Answer False

True or False The North American Free Trade Agreement is a shift right because it supports less government involvement in the economy.

Answer True

True or False Competition and monopoly mean the same thing. They both happen when one producer controls all supply of a product or service.

Answer False

True or False Canada’s position on the economic continuum shifts between a mixed economy and a market economy.

Answer True

Short Answer Give an example of a shift to the left

Answer More government involvement More social programs like public health care Government makes more economic choices There are other ones you can put here

Fill in the Blank As the demand for a product goes up, the supply goes down. As the supply goes down, the price goes _____.

Answer Up

True or False It is illegal for producers to “fix” the prices of their products.

Answer True

True or False Because of unions, Canada has labour laws, such as standards for wages, hours, safety, and holidays.

Answer True

True or False The collective bargaining rights of labor unions are not protected under the Charter of Rights and Freedoms.

Answer False

Fill in the blank A movement from a market economy towards a mixed economy is a ______________.

Answer Shift left (towards command)

Short answer Why does the government fund crown corporations like education, health care, and postal services?

Answer 1)They are for the good of the publice 2)They are essential to have in our society 3)They would not make enough of a profit for a private company or if there was a profit it would not be accessible to everyone.

Short Answer Which economic system supports public grants for Canadian media?

Answer Mixed Economy Can’t be planned since if it was planned then the government would already be making the Canadian media.

Short Answer How can a worker put pressure on their employers to respond to an issue?

Answer Direct pressure by striking but in order to make the strike effective they should be part of a labor union.

Short Answer Which economic system does not favor labor unions because they disturb the supply and demand cycle?

Answer Market economy

Fill in the blank The government uses money collected from ______ to pay for social services, education, and health care.

Answer taxes

Short Answer What economic problem happened in 1929?

Answer The Great Depression started

Short Answer What are the founding principles of the United States?

Answer Life, liberty, and the pursuit of happiness

Short answer What are the founding principles for Canada?

Answer Peace, order and good government.

Fill in the blank 1)_____ is the study of the production, distribution and consumption of goods. 2)A _____ economy is when a government makes all of the decisions on how to use resources, and consumers have little or no influence on economic decision making. 3)Doing what is best for society as a whole is called achieving the _______.

Answers 1)Economy 2)Planned or Command 3)Public good

Fill in the blank 1)Government will often create these to provide essential services. At the same time, the government often prevents these to restore competition among producers. These are ____. 2)In a mall, stores rival with each other to influence consumers to shop there. This is called ____. 3)The US has some ______ owned corporations, but not as many as Canada.

Answers 1)Crown corporations 2) Competition 3) Public

Remember to study The spectrum Supply and demand Examples of government intervention.