1. What type of economic system does Canada have?
Economics Warm-Up
What type of economic system does Canada have?

2. Have a sheet of notebook paper for a few notes today
Economics
Have a sheet of notebook paper for a few notes today

3. Economic Systems

4. Recipe for a Market Economy
Private Ownership
Profit Motive
Consumer Sovereignty
Competition

5. Private Ownership
Allows people in a market economy to start and operate their own businesses, sell goods and services, and accumulate wealth.

6. Profit Motive
Incentives for entrepreneurs to start businesses because they can keep the money left over after paying for expenses.

8. Profit Motive When is profit seeking good?
Does Apple prey on us by creating the iPads we love?
Or, is Lisa on to something, suggesting we should not by something that does not contribute to “culture”?
rs/BaileyNorwood/clips/lisa-simpson-on- the-profit-motive/view

9. Consumer Sovereignty
Businesses must listen to the desires of the consumers when choosing what to produce.

10. Competition
This makes businesses produce efficiently and keep costs low.
One of the most important functions of government is to promote competition.