Social

• Economic Systems


  Satisfying unlimited wants with limited resources
• Learner Outcomes


  • Review
  • Terms to Know
  • Principles of Market Economy
  • Supply and Demand
  • Competition
  • Government Intervention
• Review


  • Scarcity?
  • Questions to address scarcity?
  • Planned/Command, Mixed, and Market economy? Pros? Cons?
• Consumers


  People who buy products and services (shoppers)
• Producers


  People or businesses that provide a product or service
• Goods


  Things that are produced/manufactured
• Services


  Provided by individuals, but you may not always take a product home with you
• Supply


  How much of a product or service there is available to consumers for purchase, and how much a producer is willing to produce at a certain price
• Demand


  How much consumers want/need a particular product or service, how much they are willing to pay for it, and how much of the product can be sold at that price
• Equilibrium


  Where supply and demand are equal
• Supply and demand


  Affect prices of products, how available they are, and the jobs connected to creating those products
• Market Economies


  • Private ownership of resources
  • Emphasis on individualism
  • Prices set by supply and demand
• Supply and demand


  Impact market economies
• Competition


  Rivalry among producers to sell products to consumers
• Monopoly


  Rare, must have some government support, does not have to be competitive in price, often prices are regulated by government
• Government intervention in Market Economy

  • Makes regulations to protect the common good
  • Collects taxes to fund programs and services essential to the common good
  • Imposes laws to ensure competition between businesses
• Economic Systems


  Satisfying unlimited wants with limited resources
• Learner Outcomes


  • Review
  • Terms to Know
  • Principles of Market Economy
  • Supply and Demand
  • Competition
  • Government Intervention
• Review


  1. Scarcity?

  2. Questions to address scarcity?

  3. Planned/Command, Mixed, and Market economy?

  4. Pros?

  5. Cons?
• Terms to know


  • Consumers and Producers
  • Goods and Services
  • Supply and Demand
• Consumers


  A person who buys products and services (a shopper)
• Producers


  A person or business that provides a product or service
• Economic Systems


  Satisfying unlimited wants with limited resources
• Goods


  Things that are produced/manufactured
• Learner Outcomes


  • Why is Canada viewed as having a mixed economy?
  • How has the emergence of labour unions impacted market and mixed economies?
  • What are some similarities and differences in the way governments in Canada and the United States intervene in the market economies?
• Review


  • Supply and Demand
  • Competition
  • Principles of Market Economies
• Canada's founding principle


  • Peace, order, and good government
  • We believe in cooperation
  • Individuals and the government own businesses and make decisions
• Canada's founding principle


  Relates to economics
• Goods


  • Hairspray
  • Cellphones
  • Food
• Canada's government upholds the founding principle of "peace, order and good government"
• Canada's Economy


  • Mixture of public (government) and private (individual) ownership
  • Government and consumers influence economic decision making
  • Government controls vital industries and services
  • Government funds initiatives to promote Canadian culture
• Services


  Provided by individuals, but you may not always take a product home with you
• Canada and US economies


  Investigate timeline of American and Canadian economics
• Research and Compare


  1. Health Care

  2. Social Programs

  3. Ownership

  4. Economic Stimulation

  5. Environmental Protection

  6. Competition Laws

  7. Consumer Safety Initiatives
• Government Interventions


  • Canada: Crown Corporations, Policy directed by Government and Bank of Canada

  US: US Postal Service, Tennessee Valley Authority, Amtrak, Policy directed by Government and Federal Reserve
• Canada's health care is a provincial responsibility, in the United States it is a federal responsibility
• Services


  • Hairdresser
  • Dentist
  • Mechanic
• Canada's social programs are more extensive than the US
• Canada and US have similar environmental protection, competition laws, and consumer safety initiatives
• Supply


  How much of a product or service there is available to consumers for purchase, and how much a producer is willing to produce at a certain price