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UNITS 6-7
For Finals
| Question | Answer |
|---|---|
| What are Economics? | The study of production, distribution and consumption of goods and services. |
| What is an Economic System? | The way a society organizes the way they produce, distribute and consume goods and services. |
| What are the 3 factors of production? | Land, Labour and Capital |
| What is the extra factor of production? | Entrepreneur |
| what is LAND? | all the materials found in the environment |
| What is LABOUR? | Physical and Mental work |
| What is CAPITAL? | money or material things that are worth money. |
| What is Scarcity? | having unlimited wants by limited recourses |
| What are the 3 questions societies ask to best distribute their goods and services? | What will be produced? How will it be produced? Who will receive the produce? |
| What is a Planned Economy? | Recourses are publicly owned - Government runs everything, there is hardly any citizen say. |
| What is a Mixed Economy? | Recourses are publicly and privately owned - decisions are made by the government and the people. |
| What is a Market Economy? | Recourses are privately owned - the government isn't involved much - decisions are made by individual producers and consumers. |
| What is Public Good? | what is best for the society as a whole |
| Market economies believe in INDIVIDUALISM. what is that? | Being dependant and self-reliant |
| Mixed economies believe in COOPERATION. What is that? | Working together |
| What is a Shift-Left? | Wants more taxes, more social programs and more government involvement. |
| Canada is ________ economy | Mixed |
| concerning COMSUMERISM, how would you define IDENTITY? | to fit in (Have certain name brands) |
| Concerning Consumerism, how would you define HEALTH AND SAFETY? | reading food labels and purchase safe products. |
| Concerning Consumerism, how would you define JOBS? | buying a single product creates jobs in many countries. |
| Concerning Consumerism, how would you define ENVIRONMENT? | people buy environmentally friendly products (organic foods, energy efficient products) |
| Concerning Consumerism, how would you define MARKETING? | Advertisers use techniques to convince consumers to buy their products. (Bandwagon, emotional appeal, testimonials) |
| What does Boycott mean? | It means they stop buying from a company because they don't agree with how their product was made. (Adidas using Kangaroo skin for their shoes) |
Created by:
Katfish
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