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13 Cards in this Set
- Front
- Back
define economics
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the study of the production, distribution, and consumption of goods and services
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define economic system
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the way a society organizes the production, distribution, and consumption of goods and services
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define scarcity
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in economics, the idea that land labour and capital limit the supply of what people want and need
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what creates scarcity?
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Land, labour and capital
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What are the three types of economies
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planned, mixed and market
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What type of economy is Canada
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mixed economy
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what type of economy is america
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market economy
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what is a planned economy
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resources are publicly owned, government makes decisions on how to use resources, individual consumers have little influence on economic decision making
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what is a mixed economy
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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.
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what is a market economy
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resources are privately owned, individuals make decisions on how to use resources, individual consumers drive economic decision making by choosing what to buy
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canada's founding principle
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peace, order and good government
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whats a crown corporation
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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
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us founding principle
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life, liberty and the pursuit of happiness
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