Short Answer:
1. What is the opportunity cost of you attending school this year?
2. Why is competition among producers in a market system necessary for a market system to operate well?
3. What are the three basic questions of economics?
4. What is a market system?
5. What is profit motive?
6. What kind of economic system does Canada have?
7. Rupinder wins $1,000,000 in a lottery. Does this mean that Rupinder no longer has to be concerned about the economic problems of scarcity and opportunity cost?
8. What are the three basic macroeconomic goals for economy?
9. What are the four basic types of unemployment?
10. What are the four major components of GDP?
Essay Question Examples:
1. In this unit we played a game called Baldicer. Using economic terms from this unit, explain the game of Baldicer.
2. In this unit we watched a number of videos, including one about "Wealth Inequality in Canada". Explain Canada's economic system and ways that it may promote 'wealth inequality'.
3. Explain how a mixed market system works.
4. Economics can be described as the study of people and their choices. How can economics explains such things as war or even terrorism?
