SS 9 Chapter 6 Review - Economic Systems

What is economics the study of? (Choose all that apply)

• The production of goods and services

• The distribution of goods and services

• The consumption of goods and services

• The destruction of goods and services

Match the following words to their definitions:

• the desire or need of customers for goods or services that they want to buy or use

• demand

• an amount of something that is provided or available to be used

• consumer

• a person, a company or a country that grows or makes food, goods or materials

• producer

• a person who buys goods or uses services

• scarcity

• the fact that there are not enough goods available to satisfy everyone's wants

• supply

Which of the following is NOT one of the factors of production?

• Land

• Labour

• Capital

• Competition

Below are examples of the factors of production for producing a car. Match each example to the correct category.

• The welders assembling the frame of the car

• Land

• The car manufacturing factory

• Labour

• The metal used to make the car parts

• Capital

Arrange the economic systems from left to right on the continuum

• Command/ Planned Economy

• Free Market Economy

• Mixed Economy

The country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• Traditional

• Market

• Command

• Mixed

Canada is an example of a ​ (a)   economy. The United States is an example of a ​ (b)   economy.

• mixed
• free market
• command
• government

Canada's position on the economic continuum shifts between a mixed economy and a market economy, depending on who is in power and the decisions they make.

• True

• False

The North American Free Trade Agreement is an example of a "shift right," because it supports less government involvement in the economy.

• True

• False

A government deciding to increase environmental regulations on private businesses is an example of a shift:

• Left

• Right

• Up

• Down