Study Guide

Definitions: Economics Economic system Economy Scarcity Privately owned Publically owned Public good Shift left Shift right Consumers Demand Producers Supply Competition

Questions/Topics: 1. What creates scarcity? What are the three basic factors of production? 2. What is the economic continuum? What are the different types of economy? 3. What kind of economy exists in Canada? Why? What kind of economy exists in the United States? Why? 4. What is a Crown corporation? What are their main purposes? 5. What is a monopoly? Why do governments create them? Why do governments prevent them? 6. Explain how supply and demand works. 7. How is competition beneficial? 8. In what ways do governments intervene in the economy?