Why do people need economic security? .

Canadian Economy Goods and services are distributed through buy and sell Individuals should be free to become wealthy. This is called capitalism

Capitalism Most goods and services people need and want are produced by private companies. The main goal of these companies is to make money

Needs and Wants Drives the economy Many needs can be bought. People make money so they can buy food, shelter, clothing. They may also buy other things like cars, cell phones, take vocation. These are wants. What needs or wants can not be bought?

Workers buy goods and services Money goes to business Businesses make goods or provide services Wages go to workers

Maslow’s Hierarchy of Needs

Contemporary Commodities (economic sectors) There are four main economic sectors of work in Canada. Brainstorm the different types of work around you.

Primary Contemporary Commodities Fish Farms Trees Minerals Harvesting or extracting natural resources

Secondary Contemporary Commodities Manufactured goods (raw materials are turned into products) Construction (Building things like homes, roads, bridges)

Tertiary Contemporary Commodities Services These people provide services to others. (Teachers, bus drivers, lawyers, mechanic, salesperson, medical professional…)

Quaternary Contemporary Commodities The newest economic sector. These people work with new ideas and information. Always changing and evolving. Technology Research

Two Economic Systems Capitalism Socialism What’s best for the group is more important than individual freedom Production of goods and services is in the hands of the government. Every person should receive enough to meet their needs Co-operation is important to help create wealth and improve society Individual freedom is highly valued Production of goods and services is controlled by individuals Whether or not people can meet their needs depends on their own wealth Competition is important to create wealth and improve society

What’s your opinion of these two different systems What’s your opinion of these two different systems? How is your life affected by the kind of economic system we have in Canada?