• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/13

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

13 Cards in this Set

  • Front
  • Back
define economics
the study of the production, distribution, and consumption of goods and services
define economic system
the way a society organizes the production, distribution, and consumption of goods and services
define scarcity
in economics, the idea that land labour and capital limit the supply of what people want and need
what creates scarcity?
Land, labour and capital
What are the three types of economies
planned, mixed and market
What type of economy is Canada
mixed economy
what type of economy is america
market economy
what is a planned economy
resources are publicly owned, government makes decisions on how to use resources, individual consumers have little influence on economic decision making
what is a mixed economy
some resources are publicly owned and some are privately owned, individuals and government both make decisions about what to produce, individual consumers and government influence economic decision making.
what is a market economy
resources are privately owned, individuals make decisions on how to use resources, individual consumers drive economic decision making by choosing what to buy
canada's founding principle
peace, order and good government
whats a crown corporation
company owned by canada;s government to provide products and services to canada. reasons for government to create these companies is to provide essential services, to promote economic development, and to support Canadian culture and identity
us founding principle
life, liberty and the pursuit of happiness