Canada's Economic Systems
Imagine that you are in charge of all the income for your home each month. What factors will you consider in deciding how the money will be spent? Maybe there isn't enough money to get what everyone needs to support the quality of life they want. Most likely, each person in your home will have their own views on how to spend the money - and that will create issues that you will need to explore and debate.
Economics is about decisions like that. It's about what to create, grow, eat, sell and buy, and how to respond to the different needs of people in society. It affects the incomes people make, the jobs they have, and the taxes they pay to the government. This unit investigates the economic systems of Canada and of Canada's major economic partner, the United States. It explores the values that shape these systems, and how they are different and the same. As you make your way through this unit, look for the issues that arise from economic decision making, and how these affect citizenship, identity, and quality of life for individuals and groups in society.
Economics is about decisions like that. It's about what to create, grow, eat, sell and buy, and how to respond to the different needs of people in society. It affects the incomes people make, the jobs they have, and the taxes they pay to the government. This unit investigates the economic systems of Canada and of Canada's major economic partner, the United States. It explores the values that shape these systems, and how they are different and the same. As you make your way through this unit, look for the issues that arise from economic decision making, and how these affect citizenship, identity, and quality of life for individuals and groups in society.
Lesson #1: The Economy & Canada
This lesson introduces the terms economy, economics, and economic systems. These three terms create the foundation for the entire unit and creating a sound understanding of these terms will allow students to limit any barriers moving forward. This lesson also introduces how the economy can differ from region to region, specifically in Canada, and how each of these regional economies can be dependent on industries that are region-specific. Finally, intertwined in this lesson is basic Canadian geography as students refamiliarize themselves with the Canadian provinces, territories, and capital cities.
Economy: The resources and processes involved in the production, distribution and consumption of goods and services.
Economics: The study of the production, distribution, and consumption of goods and services. Economic System: How a society organizes the production, distribution and consumption of goods and services. |
Regional Dependencies Northern Canada Diamonds, Mining, Light Forestry, Oil, Nunavut Fisheries Mountains/West B.C. Fisheries, Forestry/Logging, Oil, Agriculture, Tourism The Prairies Agriculture, Potash Mining Central Canada Manufacturing (automobiles, steel), Service Industry, Information Technology Services, Agriculture, Tourism East Coast/Maritimes Fisheries (Aquaculture), Oil, Mining, Tourism |
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Lesson #2: Economic Systems
An economic system is a way to solve the basic problem of scarcity. Different ideas about how best to organize an economy result in different economic systems. You can put them on a continuum. An economic system's position on the continuum is dynamic, and depends on the underlying values of a society and its government. The positions of Canada and the U.S. on the continuum reflect a traditional perspective on differences between their economies. Their actual positions on the continuum shift right to left, depending on the political party in power.
Planned, Mixed, & Market Economies
Planned Economies
Examples: North Korea, Cuba, former USSR, |
Mixed Economies
Examples: Canada, Sweden, United Kingdom |
Market Economies
Examples: United States, Russia, Brazil |
economic_systems_worksheet.docx | |
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scarcity_activity.pdf | |
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Scarcity: In economic terms, the idea that land (materials), labour, and capital (money) limit the supply of what people want and need. People's wants for goods and services seem to be unending and resources are used to satisfy people's wants. Scarcity occurs when people - as individuals and as families, schools, and communities - cannot have everything they want.
Scarcity exists because people's wants for things are relatively unlimited, and the resources required to produce the things they want are relatively limited. Therefore, when wants exceed the resources available to satisfy them, some wants cannot be satisfied. People must decides what wants to fulfill. Choices must be made.
Scarcity exists because people's wants for things are relatively unlimited, and the resources required to produce the things they want are relatively limited. Therefore, when wants exceed the resources available to satisfy them, some wants cannot be satisfied. People must decides what wants to fulfill. Choices must be made.
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Notes on Scarcity
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Lesson #3: Canada & the United States
The economies of Canada and the U.S. are similar in many ways, but they developed from different starting points. Their starting points involve different answers to this fundamental question of values; What's the best way to achieve the public good? The public good is about what's best for society as a whole. Worldviews differ on how best to achieve it. Read the Case Study: Canadian Economic History versus U.S. Economic History on pgs. 205-208 of your textbook. While reading, complete the investigatory questions on the document listed below. Click Here! for access to the pages in your textbook!
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government_intervention_in_a_market_economy.pptx | |
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Lesson #4: Supply & Demand
Key Words:
Consumer: Those who use products and services. Demand: The wants and needs of consumers for products and services. Producers: Those who create products and services. Supply: The products and services created by producers. |
Use Pgs. 210-211 in your textbook to complete the handout below, by filling each state of equilibrium. Ensure that you record the details for each action as well!
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Competition
Competition is about producers striving to get consumers to buy their products. Producers attract consumers in a variety of ways - through different prices and product quality, for example. Many factors can affect competition in an economic system, including the values of consuemrs and decisions by governments to become involved in decision about supply and demand.
Lesson #5: Capitalism
Lesson #6: Collectives & the Economy
In a 'mixed economy', the Canadian government plays a cooperative role in ensuring that Canadians have opportunities for employment and safety nets, like Unemployment Insurance, in case they are unable to protect you from losing your job. While bankruptcy and going out of business will always be prevalent in the workforce, there is another entity that helps ensure employment interests of Canadians; Labour Unions. These Unions are created by specific groups to ensure that their interests in the workplace are being protected. This lesson investigates how economic decisions by both the government and private businesses, affect individuals and groups.
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In 2007, the Hershey Company announced plans to close its chocolate factory in Smith Falls, Ontario. The company hoped to increase efficiency by reducing its workforce in Canada and the U.S., and building a new, much larger factory in Mexico. The Smith Falls plant employed roughly 500 workers, making it one of the town's biggest employers. It was also a major tourist attraction, drawing a 500 000 tourists each year.
The closure leaves Smith Falls residents worried about the community's future. Some say they will have to leave town and look for a job out west, where the economy is booming from oil and gas. The economic impact will spread as local businesses will face the 'trickle down' effect of lost jobs, low tourism, and eventually, bankruptcy. |
Should Canada's Government Help Create & Protect Jobs? - Discussion & 'T' Charts
Labour Unions: An organization of workers that acts to protects worker's rights and interests.
Unemployment Rate: The percentage of the workforce that does not have jobs.
Collective Bargaining: Negotiating as a group. Collective bargaining is the key right established by unions for workers.
Strike: A cessation of work by workers. Strikes pressure employers to respond to issues that concern workers.
Unemployment Rate: The percentage of the workforce that does not have jobs.
Collective Bargaining: Negotiating as a group. Collective bargaining is the key right established by unions for workers.
Strike: A cessation of work by workers. Strikes pressure employers to respond to issues that concern workers.
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Let's take a look at how the unemployment rate affects each Canadian Province and Territory. On the map below, and using the statistics provided by clicking here, colour code the map according to unemployment rate percentages. Remember that your map should have a title, compass, and legend. You can refer back to Lesson 1 in this unit if you need to remember the names and location of the Provinces and Territories.
map_of_canada.docx | |
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The Winnipeg General Strike