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1. Describe what is the fundamental economic problem? 2. Describe what are the Economic inputs? 3. In economics, what does the term "labour" refer to? 4. In economics, what does the term "productivity" refer to? 5. What is the term used to refer an economic system in which economic decisions are made mainly by consumers and privately owned producers in a decentralized manner? 6. In a "market system" type of economy, how would a shortage of a product be corrected? 7. Describe why competition is considered a key element in the market system? 8. How would you describe the system of Canadian economy? Explain why? 9. What is the term used to describe the entire relationship between the various possible prices of a product or service and the quantity? 10. An increase in consumer preference for a brand of clothing will shift the demand curve for clothing to: right or left? 11. Describe what will be the impact of a decrease in the price of airline fares on the demand for hotel accommodation? 12. As consumer incomes rise, to which direction the demand curve shifts for restaurant dinners? 13. If consumers in general began to prefer margarine to butter, to which direction the demand curve for butter would shifts to? 14. If the price of imported wine falls, to which direction the demand curve for Canadian-produced wine would shifts to? 15. If the demand for a product it means that, at each possible price the quantity demanded is greater than before