Wednesday, 15 April 2015

Economics Assessment on THURSDAY, APRIL 16

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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