Economic Systems and Quality of Life

This set of flashcards is designed to help students understand key concepts related to economic systems and their effects on quality of life.

What is scarcity in economics?

Scarcity refers to the limitation of resources, which arises due to the interplay of land, labor, and capital.

What are the three factors of production?

The three factors of production are land, labor, and capital.

What is a mixed economy?

A mixed economy combines private ownership and government control over resources.

How does government involvement influence the economy in Canada?

The government can lower business taxes, negotiate trade agreements, and fund training programs to improve economic conditions.

What is the purpose of a Crown Corporation?

Crown Corporations are set up to provide essential services, promote economic development, and support Canadian culture and identity.

What does 'shift left' mean in economic policy?

A shift left refers to increased government involvement in the economy, such as the introduction of publicly funded programs.

What are some examples of left shifts in Canadian economic policy?

Universal healthcare, Canada Pension Plan, and COVID-19 economic response measures.

What is a market economy?

A market economy is driven by individual choices, where private businesses own resources and make decisions based on consumer demand.

What is the role of labour unions in a market economy?

Labour unions represent workers' needs to employers and facilitate collective bargaining.

What are some criticisms of labor unions?

Criticisms include mandatory membership, increased labor costs for businesses, and criticism from governments.

What is the impact of wealth inequality on education in the U.S.?

Wealth inequality leads to disparities in access to quality education and results in higher student debt for lower-income students.

How does Canada's public education system affect wealth inequality?

Canada's public education system reduces disparities by providing consistent funding for K-12 education.

What is collective bargaining?

Collective bargaining is the negotiation process between labor unions and employers to determine wages, benefits, and working conditions.

What is the significance of the term 'public good'?

Public good refers to what is best for society as a whole, influencing the choice of economic systems.

What strategies do producers use to attract consumers?

Producers attract consumers through different pricing, product quality, and varied selections.

What happens when demand increases in a market?

When demand increases, prices typically rise unless supply adjusts accordingly.

What happens to supply when prices rise?

As prices rise, producers are generally encouraged to increase supply.

What is a planned economy?

In a planned economy, the government makes all decisions regarding resource management and production.

How do American economic values differ from Canadian values?

American values emphasize individuality and less government involvement, while Canadian values focus more on cooperation and collective benefit.

What was Franklin Roosevelt's 'New Deal'?

The New Deal was a series of programs aimed at economic recovery in the U.S., including pensions for seniors and government-funded public projects.

What was the effect of NAFTA on Canadian economic policy?

NAFTA increased the influence of the free market in Canada by promoting trade with the U.S. and Mexico.

What can governments do to ensure fair treatment in market economies?

Governments can intervene to enforce regulations, set price controls, and ensure consumer protections.

Why is the concept of competition important in economics?

Competition is crucial as it drives innovation, improves quality, and helps consumers find better prices.

How do global events impact supply and demand?

Global events can significantly affect supply chains, leading to fluctuating prices and availability of goods.