Mixed Economy Quiz

Mixed Economy

A mixed economy combines private ownership and government control.

What is the core value (the heart) of the mixed economy?

Considering the wellbeing of society (public good) comes ahead of simply achieving individual interests

How does this economy answer the four economic questions?

1. What will be produced? What is in demand and in need.

2. How will we produce it? As cheap and efficient as possible.

3. Who will it be produced for? People who can buy and who need it.

4. How much do we produce? Enough to fill demands and needs

1. What will be produced?

What is in demand and in need.

2. How will we produce it?

As cheap and efficient as possible.

3. Who will it be produced for?

People who can buy and who need it.

4. How much do we produce?

Enough to fill demands and needs

Crown corporation

Crown Corporation also know as a public corporation is a government owned company usually made to provide essential services to consumers like healthcare.

Privatization

The transfer of a crown corporation to a private corporation. Like if the government gave a car business to a private corporation.

Why would the government want to create a crown corporation?

Governments would like to create a crown corporation to help provide essential services in unprofitable business or provide a cheaper alternative.

How do crown corporations help consumers and competition?

Crown corporations help consumers by providing them with a cheaper alternative to other businesses and help prevent a private monopoly

What is public and private ownership?

Public ownership is when the government owns something a private ownership is when an individual owns something

What are social programs?

Social programs are service governments made to help their people

What 2 types of taxes exist in Canada?

Income Tax and Sales Taxes

Income Tax

The tax you get on your Income

Sales Tax

The Tax

What is the relationship between social programs and taxation?

If we pay taxes less that means less social programs, If we play more taxes there will be more social programs

What is progressive taxation?

Is where higher-income people pay more taxes and lower-income people pay less taxes