Module 1: Economic Systems in Canada and the United States
Section 1: Market and Mixed Economies
Lesson 2 - Introduction: Market Economy (ch 6)
As a Grade 9 student, you may be starting to think about what you want to do when you finish Grade 12. Will you graduate and attend trade school? Perhaps you want to go on to university. Maybe you are anxious to get a job and earn money to buy not only what you need, but also what you want.
Investigate the earnings and incomes of Canadians. Look at the average income for individuals with different levels of education. Look at the average income in different cities in Canada.
With a friend, analyze the 2006 Census, Earnings and Income Map. How do the various kinds of industry within each province influence the economy and the earnings and incomes within the provinces?
Imagine your family has decided you are now in charge of the family budget so you can get a taste of being responsible with money. A budget is a tally of how much money is earned and how much money is spent. A budget ensures that you do not overspend, but also means you have enough money to satisfy your needs. The most common way to make a budget is to record your income and expenses.
Imagine that you are given $500 each week to cover the costs of your family bills including household expenses, food, clothing, transportation, and entertainment. You must also decide how much you will set aside for savings or an emergency fund. In this activity you are in charge of making economic decisions for your family. With an adult family member, create a budget for the week. Write down or use a computer to record your income and expenses. Save your budget to your Portfolio. The economic decisions that you make can affect your ability to provide for both your needs and wants; this may include what type of job you have, where you live, and what you purchase each month. This ultimately impacts your quality of life. The type of economy and the strength of the economy can also impact what economic decisions are made and how your quality of life can be maintained.
Investigate the earnings and incomes of Canadians. Look at the average income for individuals with different levels of education. Look at the average income in different cities in Canada.
With a friend, analyze the 2006 Census, Earnings and Income Map. How do the various kinds of industry within each province influence the economy and the earnings and incomes within the provinces?
Imagine your family has decided you are now in charge of the family budget so you can get a taste of being responsible with money. A budget is a tally of how much money is earned and how much money is spent. A budget ensures that you do not overspend, but also means you have enough money to satisfy your needs. The most common way to make a budget is to record your income and expenses.
Imagine that you are given $500 each week to cover the costs of your family bills including household expenses, food, clothing, transportation, and entertainment. You must also decide how much you will set aside for savings or an emergency fund. In this activity you are in charge of making economic decisions for your family. With an adult family member, create a budget for the week. Write down or use a computer to record your income and expenses. Save your budget to your Portfolio. The economic decisions that you make can affect your ability to provide for both your needs and wants; this may include what type of job you have, where you live, and what you purchase each month. This ultimately impacts your quality of life. The type of economy and the strength of the economy can also impact what economic decisions are made and how your quality of life can be maintained.
In this lesson you will examine this question:
How does a market economy and a mixed economy affect quality of life?
How does a market economy and a mixed economy affect quality of life?
Assignment
This lesson should take approximately 2 periods to complete.
You will need this activity for your section and module challenge. Store the completed activity in your Portfolio.
You will need this activity for your section and module challenge. Store the completed activity in your Portfolio.
- My Understanding: World Economy