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Understanding Economic Systems: A Comprehensive Guide

Explore the spectrum of economic systems, from government control to laissez-faire capitalism. Learn about factors like surplus and scarcity, industrial revolution effects, and public vs. private ownership.

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Understanding Economic Systems: A Comprehensive Guide

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  1. JEOPARDY

  2. Economy Lobotomy - 100 Economic systems on this side of the spectrum favour more government control.

  3. Economy Lobotomy - 200 Economic systems on this side of the spectrum favour less government control.

  4. Economy Lobotomy- 300 In order to move from a subsistence or traditional economy you first need to accumulate this.

  5. Economy Lobotomy-400 Unlimited wants & limited resources.

  6. Economy Lobotomy - 500 What will be produced, how will it be produced and…

  7. Go - 100 This event transformed society, causing mass migration to cities and changing the average workers way of life.

  8. Go - 200 “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest." This quote from Adam Smith is a great example of this…why individuals are motivated to participate in a market economy.

  9. Go - 300 The orange line represents… ? ?

  10. Go - 400 The purple line represents… ? ?

  11. Go - 500 The letter “Z” represents… ? Z ?

  12. Public or Private – 100 Land in a free market economy.

  13. Public or Private – 200 Nice beard. This German philosopher believed that wealth should be shared and property should be public.

  14. Public or Private – 300 Most hospitals in the United States.

  15. Public or Private – 400 VIA Rail

  16. Public or Private – 500 Air Canada

  17. Rage Against the Cash Machine - 100 All economic systems suggest who should control these; land, labour and capital.

  18. Rage Against the Cash Machine - 200 On the far right of the economic spectrum, this extreme form of capitalism roughly translates to “let it be” in French.

  19. Rage Against the Cash Machine - 300 Government and private business work together to run the economy in this economic system.

  20. Rage Against the Cash Machine - 400 In this type of economy, the government controls all of the factors of production and planners all the economic decisions.

  21. Rage Against the Cash Machine - 500 This economic system - in place in Canada -employs a combination of concepts from both the left and the right of the economic spectrum.

  22. Canaduh - 100 Many Canadians are members of these organizations, which engage in collective bargaining talks with employers on behalf of workers.

  23. Canaduh - 200 Controlled by the Canadian government for the good of all the people. CBC, for example.

  24. Canaduh - 300 According to Keynes, the government should get involved in the economy to prevent this cycle from getting out of control.

  25. Canaduh - 400 If the Government of Canada purchased (nationalized) Pepsi Co. it would be considered a shift to the…

  26. Canaduh - 500 Creating a two-tier health care system where individuals can pay for faster treatment would be considered a shift to the…

  27. Economy Lobotomy - 100 Left

  28. Economy Lobotomy - 200 Right

  29. Economy Lobotomy - 300 Surplus

  30. Economy Lobotomy - 400 Scarcity

  31. Economy Lobotomy - 500 Who will get it!

  32. Go - 100 Industrial Revolution

  33. Go - 200 Profit Motive

  34. Go - 300 Supply

  35. Go - 400 Demand

  36. Go - 500 Equilibrium

  37. Public or Private – 100 Private Property

  38. Public or Private – 200 Karl Marx

  39. Public or Private – 300 Private Property

  40. Public or Private – 400 Public Property

  41. Public or Private – 500 Private Property

  42. Rage Against the Cash Machine - 100 Factors of Production

  43. Rage Against the Cash Machine - 200 Laissez – Faire

  44. Rage Against the Cash Machine - 300 Liberalism

  45. Rage Against the Cash Machine - 400 Command (Centrally Planned) Economy

  46. Rage Against the Cash Machine -500 Mixed Market

  47. Canaduh - 100 Labour Unions

  48. Canaduh - 200 Crown Corporations

  49. Canaduh - 300 Boom and Bust

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