1. Chapter 2
Economics in History

2. Throughout history, people have always had an economic system
The main purpose of an economic system is to answer 3 questions
What goods and services do people need and want?
How can we make these goods and services?
How will we distribute them?

3. The term commodities refers to the goods and services that are distributed in an economic system

4. These commodities are either shared, traded or bought and sold depending on the type of economy

5. 3 Types of Economies:

6. Pre- Industrial: Hand made goods, no factories, simple tools, trading or selling
An industrial economy is an economy which depends on manufacturing technologies to make the goods that they sell
Post – Industrial: Computers and the information age

7. The 1st industrial economies started during the industrial revolution in Europe in the late 1700's

8. Now most regions of the world use this type of economy

9. First Nations and Inuit Economies
Needs and Wants

10. These people had a traditional economy based on the natural resources available in that region

11. Shelter: snow, whale bones, stone, sod, caribour hide, seal hide, wood
Food: Caribou, moose, seal, fish, deer, buffalo, corn
Clothing and Footwear: Carobou hide, seal hide

12. Their homes were built on the materials around them.
Inuit tupik – summer residence made of caribou skin that was easily transported
Their homes were built on the materials around them.

13. Inuit winter home made of rock and sod

14. Overall, the First Nations and Inuit peoples needed and wanted land and natural resources

15. Aboriginal means living in a land from earliest times
Aboriginal means living in a land from earliest times. There are 3 groups of aboriginal people in Canada

16. Inuit
The First Peoples of northern Canada above the tree line

17. First Nations
The First Peoples of the rest of Canada

18. Metis
These are the children of either Inuit or First Nations people and the early European fur traders

19. Production
Aboriginal peoples produced goods by hand, mostly using bone and stone tools.

20. Nothing was wasted.
Example : Innu used caribou meat for food, its bones for tools, and its hide was used for clothing, shelter or footwear.

21. Aboriginal people believed the land and natural resources must be used wisely. They only killed animals that they needed

22. They gave thanks for the resources they used.
Example : Innu have a special meal called the Mukushan after a successful hunt to honour the spirit of the caribou.

23. The First Nations and Inuit peoples shared equally in what was produced and everyone helped produce it

24. Maritimes refers to the provinces of New Brunswick, Nova Scotia and P
Maritimes refers to the provinces of New Brunswick, Nova Scotia and P.E.I. These area had an abundance of resources year round.

25. Atlantic Canada included the Maritimes plus the province of Newfoundland and Labrador.

26. The land and water were sources of life so they were very important to these peoples

27. Very, Very Important Concept
First Nations and Inuit had no notion of private ownership (the idea that one person has complete control over an area of land)