To what extent do different economic systems affect quality of life? 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. Money represents a paycheque: simulate what you would target your spending on Must be spent within one week RULES Collaborate with your group and be prepared to share with the class Describe the reasons for your choices

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

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

Analyze the Photographs pgs 194-195 Think – Pair - Share Based on these photos, what does economic decision making mean for Canadians? 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?

Complete Chapter 6 Vocabulary Word Definition Example

Pg 195 text Graffiti Activity 1. How might economic decision making and identity connect? 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?”

Exploring the Chapter Issue Chapter Task 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.

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.

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.

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

Read Economics in Action, pgs 199 – 201 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

Scarcity What is the problem? Why does this problem exist? 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. 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? Generosity, sharing, avoiding conflict

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

Three factors of producti0n that limit the supply of what people want and need. Page 203 Factors of Production Definition Example Land Labour Capital

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

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.

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!

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.

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

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

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

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

What’s best for society as a whole 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

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

Case Study – Canadian Economic History vs. U. S 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.?

Case Study – Canadian Economic History vs. U. S 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.

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 .

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

SUPPLY AND DEMAND See other slide show

Do you agree or disagree with this statement? Explain. 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.

Describe three ways you are impacted by competition on a daily basis. 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.

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

Check out “Did You Know” on 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!

Activity – Case Studies 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

Handout 6-10

Differing Views on Degree of Government Involvement in Job Creation and Protection For Government Involvement Against Government Involvement - Government creates equality between citizens - Private companies are in the best position to make economic decisions about jobs - Government takes care of people in society who are vulnerable. - People losing jobs is a result of supply and demand; they should find new jobs supplying people with something they want - Private companies just think about profits – not the effects of business on people’s quality of life - Government involvement to protect or create jobs costs everyone in taxes and lost opportunities - Government should consider jobs a public good, like education, taking action when required. - Private companies respond to consumer demand with creativity and determination, creating a better product and more jobs. What’s your view?

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

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 system would be best placed at either of which two positions on the economic spectrum in Source 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

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?

Must hand in sheet with essay 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