Module 1: Economic Systems in Canada and the
United States
United States
Section 1: Market and Mixed Economies
Inquiry Question:
How do the Canadian and the United States economic systems work?
How do the Canadian and the United States economic systems work?
Students will demonstrate an understanding and appreciation of how economic decision making in Canada and the United States impacts quality of life, citizenship and identity.
Values and Attitudes
• appreciate the values underlying economic decision making in Canada and the United States
• appreciate the impact of government decision making on quality of life
Knowledge and Understanding
Students will compare and contrast the principles and practices of market and mixed economies by exploring and reflecting upon the following questions and issues:
• Why is Canada viewed as having a mixed economy?
• What are some similarities and differences in the way governments in Canada and the United States intervene in the market economies?
Values and Attitudes
• appreciate the values underlying economic decision making in Canada and the United States
• appreciate the impact of government decision making on quality of life
Knowledge and Understanding
Students will compare and contrast the principles and practices of market and mixed economies by exploring and reflecting upon the following questions and issues:
• Why is Canada viewed as having a mixed economy?
• What are some similarities and differences in the way governments in Canada and the United States intervene in the market economies?
US Economics
|
Canada Economics
|
Section 1: Market and Mixed Economies
Introduction
Introduction
A need is something necessary for survival, such as food. If you don’t eat, you won’t survive. A want is something you would like to have. It provides you with satisfaction, such as entertainment—music, movies, or video games. These are wants because you can survive without them.
Everyone has needs and wants. What are your individual needs and wants?
Everyone has needs and wants. What are your individual needs and wants?
Do an Internet search using the search terms “wants + needs + game.” The search engine should return results for a variety of games that will help you identify your needs and wants. Play a few of these games, and then reflect on what you identified as your needs and wants.
Economies are established to supply the goods and services that satisfy society’s needs and wants. Different businesses and government departments provide the goods and services. There are industries required in the development of goods and services. The industries are organized into four categories: primary industry, secondary industry, tertiary industry, and quaternary industry.
Economies are established to supply the goods and services that satisfy society’s needs and wants. Different businesses and government departments provide the goods and services. There are industries required in the development of goods and services. The industries are organized into four categories: primary industry, secondary industry, tertiary industry, and quaternary industry.
The goods you may need and want are resources. At the primary stage, the resources are raw materials from land or water. Primary industry includes industry such as mining, forestry, farming, and fishing. Approximately ten percent of Canadians work in primary industry.
A secondary industry is the industry where raw materials are turned into finished goods. This is the manufacturing, processing, and constructing industry. Secondary industries include metal working, automobile and textile production, chemical and engineering industries, and energy utilities. Approximately 10–15 percent of Canadians work in this industry.
A tertiary industry is a service industry where the goods are distributed or sold to the consumer. The tertiary industry includes industries such as retail and wholesale, transportation and distribution, entertainment, and restaurants. Approximately 60–70 percent of Canadians work in this industry.
Quaternary industry focuses on research and development. This industry works to provide, create, and improve primary, secondary, and tertiary industries. Included in the quaternary industry are activities such as scientific and medical research, education, information technology, and corporate headquarters.
These industries work together and support the economy. Economics is the study of the distribution of resources, the production of resources, and the consumption of resources to produce the goods and services that satisfy consumers’ unlimited needs and wants. Economic decision making affects your quality of life, citizenship, and identity.
In this section you will examine this question: How do the Canadian and the United States economic systems work?
In this section you will examine this question: How do the Canadian and the United States economic systems work?
Lesson 1: Market and Mixed Economies (ch 6)
In class economic systems Power Point
Planned Economy:
The government makes all the decisions about how to solve scarcity. It owns and manages the resources needed to produce things. It plans what will be produced and decides how to use limited resources.
Characteristics:
In class economic systems Power Point
Planned Economy:
The government makes all the decisions about how to solve scarcity. It owns and manages the resources needed to produce things. It plans what will be produced and decides how to use limited resources.
Characteristics:
- resources are publicly owned.
- gov’t makes decisions on how to use resources
- individual consumers have little influence on economic decision making
Mixed Economy:
Combines private ownership and gov’t control. The level of gov’t involvement fluctuates depending what political party is in power
Characteristics:
Combines private ownership and gov’t control. The level of gov’t involvement fluctuates depending what political party is in power
Characteristics:
- some resources are publicly owned and some are privately owned
- individuals and gov’t both make decisions about what to produce
- individual consumers and gov’t influence economic decision making
Market Economy:
- The choices of individuals solve scarcity.
- Private businesses own and manage resources
- They sell their products to consumers, who make their own decisions about what to buy.
- Businesses succeed if they produce what consumers want. Otherwise, they fail.
- The gov’t does not get involved.
- Resources are privately owned.
- Individuals make decisions on how to use resources.
- Individual consumers drive economic decision making by choosing what to buy.