SS9 - Chapter 6 Self Check

On the far right of the economic continuum is ____________ economy where individuals or privately-owned corporations make decisions about the production and distribution of goods and services.

• mixed

• planned or command

• market

_______________ economy is on the far left of the economic continuum. This is where government makes the decisions about the production and distribution of goods and services.

• market

• mixed

• planned or command

When the supply of a product or service is not enough to meet demand, this is called ___________.

• economics

• monopoly

• scarcity

• equilibrium

In a ____________ economy, government-owned businesses (the public sector) provide some goods and/or services.

• market

• planned or command

• mixed

When there is more than one producer wanting to sell the same good or service to consumers, this is called ____________.

• equilibrium

• competition

• monopoly

• scarcity

When producers supply as much of a product as consumers want at a price that allows producers to make the most profit possible, this is called ________.

• monopoly

• competition

• profit margin

• equilibrium price

If a government was to reduce its spending by cutting funding for government-provided programs, this is an example of a shift ________.

• Left

• Upwards

• Right

• Backwards

Government in _______________ economy gets involved only when challenges of national concern arise.

• mixed

• planned or command economy

• market

When workers negotiate as a group with employers, this is called _________________.

• group negotiating

• labour negotiating

• active bargaining

• collective bargaining

Workers in various sectors of the economy organized to stop working at the same time during the ___________________ Strike in 1919.

• Workers United

• Canadian General

• Labour Unions Organized

• Winnipeg General