Unit 1 Fundamentals of Economics

Front

These facts provide evidence that Canada has a

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mixed economy

Front

When deciding whether to spend an additional hour studying or sleeping, Juan is engaged in what economic activity?

Back

marginal analysis

Front

In college, people can major in a wide variety of fields including medicine, journalism, business, and design among others. This is an example of the concept of

Back

specialization

Front

Which characteristic of the private sector BEST explains why a market economy is unable to reliably address environmental concerns and requires government regulation?

Back

profit motive

Front

Competition and free enterprise are most common in which type of economic system?

Back

market

Front

What are governments MOST LIKELY attempting to do when they increase unemployment benefits, implement more welfare programs, and rearrange tax brackets?

Back

redistribute income

Front

Investing heavily in new capital equipment and technology is MOST related to

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economic growth

Front

Economics growth is often tied to investment in machinery, new technology, and education of the population. This is because

Back

these items lead to a greater productivity of inputs

Front

When two people engage in trade, both sides will benefit if the trade meets which two requirements?

Back

voluntary and non-fraudulent

Front

In what way does specialization increase productivity?

Back

Specialization reduces the costs of production