Chapter 6 Study Guide
Review your vocabulary
words.
Know the three basic
questions that all economic systems try and answer (pg. 202)
Know the three main
factors of production (pg. 203)
Know what competition
is. Be able to provide an example of
competition. (pp. 212-213)
Be able to answer the
following question: What are three
benefits to competition, for the consumer? (pp. 212-213)
Know the three main
types of economic systems discussed in Chapter 6. (pg. 204)
Refer to page 204 -
know the diagram labeled The Economic Continuum.
Be able to label the
main parts of that diagram.
You should know where
on the continuum each of the following would be:
Planned Economy
Mixed Economy
Market Economy
Less Government Involvement
More Government Involvement
Canada
US
Privately Owned
Publicly Owned
Know the different
worldviews, the approaches, to achieving the public good between the US and
Canada. (pg. 205).
Know the founding
principles of Canada’s (pg. 206) and the U.S Economies (pg. 208).
You should understand
that the economic systems of both Canada and the U.S. move along this
continuum.
So... you should understand the concepts of a shift
left and a shift right? (pg. 206)
Be able to explain why
such shifts would occur? How do such
shifts attempt to affect quality of life? (pg. 206)
Know what a Crown
Corporation is? (pg. 207)
Know the three reasons
governments create Crown Corporations. (pg. 207)
Give an example of a
Canadian Crown Corporation (pg. 207)
Know Supply and Demand
and the State of Equilibrium diagrams (pp. 210-211)
Be able to recreate
diagrams for the following scenarios:
Equilibrium
Demand is up
Price is up
Supply is up
Know what Labor Unions
are (pg. 231)
Know Case Study 1 -
Canadian Filmmaker (pp.219-225)
Know Case Study 2 -
Disappearing Jobs (pp.226-228)
Be able to give the
Mixed and Market Economy Perspectives for both cases
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