2.3 | Economy and Intellect Canada 2.3 | Economy and Intellect

Economy Capitalism and free (open) markets Businesses seek profit Buy, sell, and produce what you want Limited government influence (monopolies) Businesses and consumers regulate “invisible hand” Businesses produce goods that are profitable People invest in businesses by buying stocks People invest in government by buying bonds Businesses seek profit Globalization opens up labor markets Big businesses can save money by investing in poor countries Labor is much, much cheaper This leads to factories closing in home countries Huge profit margins lead to corporate takeover Small businesses cannot compete Economy

Intellect Dr. James Naismith invented basketball in 1891 The original baller Dr. James Naismith invented basketball in 1891 Was an American immigrant Harry Wasylyk in 1950 Garbage bags Edward A. Asselbergs in 1962 Instant mashed potatoes Helmut Lucas in 1971 Prosthetic hand Joseph-Armand Bombardier in 1958 Snowmobile Gideon Sundback in 1913 The zipper Intellect