Module 1: Economic Systems in Canada and the United States
Focus Question for this Module:
How do economic decisions made in Canada and the United States impact my quality of life, citizenship, and identity?
How do economic decisions made in Canada and the United States impact my quality of life, citizenship, and identity?
Module 1: Economics Unit - Video 1 Introduction
When you spend money in your community, you are participating in the economy. The interaction of buying and selling goods and services is the basis of any economy.
Economics is the study of how economies work. It is an analysis of the production, distribution, and consumption of goods and services. In Canada, as well as in any nation, when the economy is doing well, Canada does well. People have jobs, they spend money, and they keep the economy going. They have a good quality of life. When the economy is suffering, everyone suffers.
Economic systems are the way that society organizes its economy; and therefore organizes the production, distribution, and consumption of goods and services. Canada and the United States have the two most common systems; Canada has traditionally been considered a mixed economy, and the United States has traditionally been considered a market economy.
Consumers play a role in the economy as well. Consumer buying and selling impacts the economy. The economic theory of consumerism says that the more people buy, the better it is for the economy. The decisions consumers make have an impact on their quality of life, citizenship, and identity. For an introduction to economics, try your hand at the Hot Chocolate Express.
In this module you begin your investigation into the economic systems of Canada and the United States. You will examine how the two systems are different and yet similar, the values that shape the two economic systems, and the role that consumers play in the economy.
Economics is the study of how economies work. It is an analysis of the production, distribution, and consumption of goods and services. In Canada, as well as in any nation, when the economy is doing well, Canada does well. People have jobs, they spend money, and they keep the economy going. They have a good quality of life. When the economy is suffering, everyone suffers.
Economic systems are the way that society organizes its economy; and therefore organizes the production, distribution, and consumption of goods and services. Canada and the United States have the two most common systems; Canada has traditionally been considered a mixed economy, and the United States has traditionally been considered a market economy.
Consumers play a role in the economy as well. Consumer buying and selling impacts the economy. The economic theory of consumerism says that the more people buy, the better it is for the economy. The decisions consumers make have an impact on their quality of life, citizenship, and identity. For an introduction to economics, try your hand at the Hot Chocolate Express.
In this module you begin your investigation into the economic systems of Canada and the United States. You will examine how the two systems are different and yet similar, the values that shape the two economic systems, and the role that consumers play in the economy.