Unit 1 · 5 lessons
Economic Foundations
How scarcity forces choices, how supply and demand set prices, how the economy rises and falls, how trade and government shape markets, and the many kinds of businesses that make up Canada's economy.
- 47 practice questions
- 47 flashcards
- 1 interactive lesson
Lessons
- 1Needs, Wants, Scarcity and ChoiceBecause people's wants are unlimited but money, time and resources are limited, every choice has an opportunity cost, and businesses succeed by helping people make those choices.9 questions
- 2Supply, Demand and PricePrices are set where the quantity buyers want equals the quantity sellers offer; when something other than price changes, a whole curve shifts and the equilibrium price moves.Interactive10 questions
- 3The Economic Cycle and Market StructuresThe economy moves through expansion, peak, contraction, trough and recovery, interest rates and inflation affect every business, and the number of competitors in a market shapes how much control a business has over its price.10 questions
- 4Trade and Government in the MarketCanada trades heavily with the world, especially the United States, under agreements such as CUSMA, CETA and CPTPP, and governments and non-governmental bodies step in when markets fail to protect people, competition and the environment.9 questions
- 5Business in CanadaCanadian businesses come in many forms, sizes and sectors; more and more of them act to be socially and environmentally responsible and build partnerships with Indigenous entrepreneurs and communities as part of reconciliation.9 questions