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Chapter 6

Chapter 6 . To what extent do different economic systems affect quality of life?. Chapter Opener Activity. In groups of 2 - 3, decide what you would spend a $500 paycheque on. Must be spent within one week. Money represents a paycheque: simulate what you would target your spending on.

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Chapter 6

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  1. Chapter 6 To what extent do different economic systems affect quality of life?

  2. Chapter Opener Activity • In groups of 2 - 3, decide what you would spend a $500 paycheque on. Must be spent within one week Money represents a paycheque: simulate what you would target your spending on RULES Collaborate with your group and be prepared to share with the class Describe the reasons for your choices

  3. Results Did you buy any of these? Food water clothing entertainment

  4. To what extent do different economic systems affect quality of life? • What values shape the mixed and marketeconomiesof Canada and the United States? • How do economic decisions about scarcity, supply and demand, and competition affect individuals and groups? FOCUS QUESTIONS

  5. Analyze the Photographs pgs 194-195 • Based on these photos, what does economic decision making mean for Canadians? Think – Pair - Share • 1. What might influence decisions about the price of products? 2. How are decisions made concerning what products to manufacture? 3. How do these decisions affect your quality of life?

  6. Complete Chapter 6 Vocabulary

  7. Pg 195 text 1. How might economic decision making and identity connect? Graffiti Activity • 3. Why might Canada’s government own a company? • 2. How does economic decision making affect the jobs available to you and your family? 4. “Should Canada and the United States have a common economic system with little government involvement?”

  8. Exploring the Chapter Issue • You will research and develop an informed response to the chapter task question: “Should Canada and the United States have a common economic system with little government involvement?” • Use handout 6-4 to help organize your research. • See pages 12-13 in the text for tips on developing an informed response. Chapter Task

  9. Introducing the Task Page 196 • You will reflect and illustrate your response in a position paper that includes: • An analysis of the benefits, disadvantages and viewpoints of mixed and market economies in Canada and the U.S. • An explanation of your personal views on how much involvement Canada’s government should have in our economic system. • Your position on the chapter task question, supported by evidence • A persuasive expression of your ideas, taking particular purposes and audiences into consideration, including the Minister of Finance.

  10. Let’s Get Started! • Using Handout 6-4, collect examples of the benefits and disadvantages of mixed and market economies. • Write your examples in the chart. • You will need to gather additional evidence to support your position. Research online or print news media for stories about the benefits and disadvantages of the economic systems of Canada and the U.S.

  11. What values shape the mixed and market economies of Canada and the United States? Basic principles of Mixed and Market economies • What’s scarcity? • What’s an economic system? • How do market economies work? • Why do governments get involved in market economics? Canada vs. the United States Study guide History of the U.S. And Canadian economies How each country’s underlying values are linked to its history

  12. What role to you believe economic systems play in supplying you with the things you use everyday? • Read Economics in Action, pgs 199 – 201 • Consider the questions following the comic, specifically • How government and consumer actions contribute to the economic system

  13. Scarcity • How would we have distributed the candy differently, if we had known that the amount was limited? What values would we base these decisions on? • What is the problem? • Not enough candy for everyone who wanted it • Why does this problem exist? • The amount of candy was limited and there were many students who wanted it. • Generosity, sharing, avoiding conflict

  14. What’s Scarcity? Read pgs 202-203 • This hands-on simulation (hopefully!) helped you to understand the basic economic principle of scarcity. • The candy symbolizes a major problem that all societies face: scarcity. • People make choices because of scarcity and that these choices are based on what they value and believe is important. • Consumers, producers and governments make these decisions

  15. Three factors of producti0n that limit the supply of what people want and need. Page 203

  16. Economic spectrum… in detail MORE GOV’T INVOLVEMENT LESS GOV’T INVOLVEMENT Planned Economy Mixed Economy Market Economy

  17. Planned Economy • More Gov’t involvement • The Gov’t makes all the decisions about how to solve scarcity. • Famine in Ukraine?? • Resources are publicly owned. • Gov’t makes decisions on how to use resources • Individual consumers have little to no say on economic decision making.

  18. Market Economy • Less Gov’t involvement. • The choices of individuals solve scarcity. • Think of the chocolates in class… (did you share, keep them all because you were hungry?) • Private business own & manage resources. • Businesses succeed if they produce what consumers (buyers) want! • If a business fails, the Gov’t does not get involved to help!

  19. Market Economy (cont.) • Resources are privately owned. • USA health care system • Individuals makes decisions on how to use resources • Individuals make economic decisions by choosing what to buy.

  20. Question! • What is better: a Planned Economy or a Market Economy? VS.

  21. Mixed Economy • Combines Private Ownership & Gov’t Control. • Some resources are publicly owned & some are privately owned. • Individuals & Gov’t both make decisions about what to produce. • Individual Consumers & the Gov’t influence economic decision making

  22. Mixed Economy • The level of Gov’t involvement fluctuates depending on what political party is in power.

  23. What’s an Economic System? (pg. 204) • Examine the continuum on page 204 How do the different positions of Canada and the U.S. Reflect different values? USA Canada Market economy Planed economy

  24. The Public Good • What’s best for society as a whole • Individualism: What’s best for each person individually adds up to what’s best for society Cooperation: Individuals consider each other & set aside their own interests to achieve what’s best for society VERSUS

  25. CROWN CORPORATIONS • A company owned by Canada’s government to provide products and services to Canadians. • Why?! • Provide essential services • Promote economic development • Support Canadian culture and identity

  26. Case Study – Canadian Economic History vs. U.S. Economic History (pgs 205-208) How do the founding principles of Canada and the U.S. answer the question of the public good different? How have Canada and the U.S. answered the question differently at different points in their histories? Why? How might the history of Canada shape values and attitudes in Canada? How might the history of the U.S. Shape values and attitudes in the U.S.?

  27. Case Study – Canadian Economic History vs. U.S. Economic History (pgs 206-208) CONTINUED • Individually, read the section and create a graphic timeline comparing the two systems.

  28. Example 1600’s to 1776 Founding principle of the U.S. reflects the idea of individualism. Connects to the roots of the U.S. as a colony of Britain .

  29. Silent Auction • Spend your money Name Price • What sets the price? • How does the producer decide on what to sell? • Who gets the good? • What is Equilibrium? Page 210

  30. SUPPLY AND DEMAND • See other slide show

  31. Think about it…. Mixed economies often must raise taxes in order to sustain all of the social services such as welfare, free health care, low cost university education and pension systems for the elderly which can lead to a stagnant economy. In essence, critics claim that mixed economies enable irresponsible behavior. • Do you agree or disagree with this statement? Explain.

  32. COMPETITION • In economics it is the rivalry among producers to sell products to consumers Describe three ways you are impacted by competition on a daily basis.

  33. MONOPOLY • Happens when one producer controls all supply of a product or service (opposite of competition)

  34. MONOPOLY • Why do governments allow monopolies? What are some monopolies that exist? • Why do governments prevent monopolies? Check out “Did You Know” on pg 213 for the answers!

  35. 6-8 Questions Activity – Case Studies • In groups of 4-5, you will explore and make a presentation on one of the case studies in the text (pages 219 – 233) • Use Handout 6-10 to help you gather information. • Present your findings to the class Groups 2 and 6 Case Study #2 Pages 226-228 Groups 1, 3, and 7 Case Study #1 Pages 219-224 Groups 5 and 4 Case Study #3 Pages 229-235

  36. Handout 6-10

  37. Differing Views on Degree of Government Involvement in Job Creation and Protection What’s your view?

  38. GRAFFITI Disadvantages of market economies 1. 2. 3. 4. Benefits of mixed economies Disadvantages of mixed economies Benefits of market economies

  39. 1. The answer to the question that is presented on the web page in Source I is A. wealthy investors B. individual citizens C. corporate executives D. government officials 2. A conclusion that can be drawn from Source I is that Canada’s economic systemwould be best placed at either of which two positions on the economic spectrum inSource II? A. Position W or Position X B. Position W or Position Z C. Position X or Position Y D. Position Y or Position Z

  40. 3. The messages in Source III convey the idea that some Canadians believe Canada’s economy should be most closely aligned with which position on the economic spectrum in Source II? A. Position W B. Position X C. Position Y D. Position Z 4. Which of the following questions identifies an issue most clearly evident in the information in all three sources? A. Is government ownership of businesses beneficial to society? B. Should foreign investors be allowed to own businesses in Canada? C. What role do consumers play in determining political decisions in Canada? D. Should government provide tax breaks to stimulate economic development?

  41. Wrap Up Your Task Must hand in sheet with essay Page 236 • Formulate your position on the chapter task question: • “Should Canada and the United States have a common economic system with little government involvement?” • Summarized and organize your information in your chart and compile your evidence. Tips page 236 Assessment Rubric 6-7 Organizer

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