Economics Test

Lock in bru

What are the 5 principles of the Canada Health Act?

The five principles are Public Administration, Comprehensiveness, Universality, Portability, and Accessibility, which guide the management of healthcare in Canada.

What is GDP

Gross Domestic Product, a measure of the market value of all final goods and services produced in a country during a specific period.

What are the 5 factors of Consumerism?

The five factors of consumerism include psychological, social, cultural, personal, and economic factors. These factors influence how consumers buy goods and services.

What are EI and CPP

EI stands for Employment Insurance, which provides temporary financial assistance to unemployed individuals in Canada. CPP stands for Canada Pension Plan, a program that gives money to those who contributed a part of their paycheck to the CPP which is then given to them once they retire, or become disabled.

What is the difference between a need and a want?

A need is something that is essential for survival, such as food and shelter, while a want is a desire for something that is not essential, such as luxury items or entertainment.

What is gross salary and net salary?

Gross salary is the total earnings before any deductions, while net salary is the amount of money received after all deductions.

What is scarcity

Scarcity refers to the economic problem of having limited resources to meet people’s unlimited wants and needs. Therefore people and must make choices about how to use what they have wisely.

What are the means of production?

The means of production are land, labor, capital. Facilities, resources, and tools are used to produce goods and services in an economy.

What is supply and demand?

Supply and demand is the concepts that describe the availability of a product or service (supply) and the desire for it among consumers (demand).

What are the 3 major economic systems?

The three major economic systems are mixed economies, command economies, and market economies. Each system differs in how resources and production are managed.

Name 3 countries that follow one of the major economic system

Examples of countries include the United States (market economy), North Korea (command economy), and Canada(mixed economy).

How does the government get involved and why is it important they do?

The government gets involved in the economy through collecting tax dollars, and providing public services. This involvement is important to maintain economic stability.

What is a labour union?

A labour union is a group of workers who come together to protect their rights and speak out about unfair treatment at work. They work as a team to negotiate with employers on important issues like wages, working hours, benefits, and workplace safety.

How does a labor union influence employers?

A labor union is able to influence employers because they are pressured to comply with what the union wants, and if they don’t comply with the union’s wants they can go on strike which is bad for bussiness.

How do labor unions pressure employers?

Labor unions pressure employers by going on strikes, and collective bargaining which pressures the employers to make decisions on what the union wants.

Why did labor unions form?

Labor unions formed because, back in the days many workers were getting mistreated and paid unfairly, therefore workers started to come together to fight for what they want.

What can impact wages and working conditions?

Economic changes, skills, or even education can impact wages. Government regulations can impact working conditions.

What are Crown Corporations?

Crown Corporations are companies that are owned and operated by the government. A Crown Corporation usually provides a public service that is accessible and cheap. Crown Corporations aren’t always trying to make a profit, it isn’t their main goal. A Crown Corporation company could be the Canada Post.

What are the advantages and disadvantages of Public and Private Healthcare?

An advantage of Public Health Care is that there are much lower costs than private health care. An disadvantage of Public Health Care is that there are much longer waiting times to be treated. An advantage of Private Health Care is that the person has much more choice and flexibility with their healthcare plans. An disadvantage of Private Health Care is that there are much higher costs for healthcare, each individual has to pay-out-of-pocket.

What is taxation?

Taxation is when the government collects money from individuals to fund public services. Some different kind of taxation includes: Sales Tax, Income Tax, and Property Tax

What are Tax Dollars used for?

Tax Dollars are used to fund public services and social programs that benefit society as a whole. Some of these services and programs include: Healthcare, Education, and Security

What is a tax base?

A tax base is the total amount of money, property, or income that a government can tax.

What is the underground economy?

The underground economy is when people earn or spend money without the government knowing. It is usually illegal.

What does Land, Labor, and Capital mean?

Land – Natural resources such as water, minerals, and agricultural land
Capital – Machinery, tools, factories, and other equipment used in production
Labor – The work done by people to produce goods and services
These are all used for production of goods and services

What are regulatory boards/agenices

Regulatory boards are government-assigned organizations in charge of monitoring and enforcing standards within a certian area with human activity

What is the CRTC

The CRTC is the Canadian Radio-television Telecommunications is a regulatory agency that is in charge of Canadian Communication Systems

What is Collective Bargaining

Collective bargaining is a process of negotiation between employers and a group of employees.

What is a wealth gap?

A wealth gap is the uneven distribution of net worth and assets across different groups in society/people with different socioeconomic statuses

What is quality of life?

Quality of life is the measure of someone’s personal and collective well-being
Things that can affect well-being includes:
Physical Health
Emotional or Mental Health
Social Connections - Supporting friends and family/feeling apart of a community

What is standard of living?

Standard of living is the level of income, comfort, and services available to a person, or a society

Explain each one: Command Economy, Market Economy, and Mixed Economy

In a mixed economy, both public (government-owned) and private companies operate within the market. The government can intervene when necessary to regulate or support the economy. In a market economy, economic decisions are driven purely by supply and demand, with minimal or no government involvement. In a command economy, the government controls all economic activity, and there are no privately owned businesses or corporations

What is a boycott?

A boycott is a decision made by consumers to stop buying a product or service as a way to bring about a change in a bussiness

What is an economic system?

Any system or method a society uses to meet the needs and wants of its citizens. It is how a society organizes the PRODUCTION, DISTRIBUTION, and CONSUMPTION of goods and services.

Understand where economic beliefs lay on the political spectrum, like market economy, mixed economy, and command economy

On a line, people on the right side of the political spectrum line wants minimal government intervention, they want private businesses to be a wild jungle/survival of the fittest(Market Economy). People in the middle of the line would want more government control but both public and private businesses can operate within the market(Mixed Economy). The command economy would lay on the far left side of the line which means there is full government control over businesses; every bossiness is government owned and operated