1. Why do people need economic security? .

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

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

4. 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?

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

6. Maslow’s Hierarchy of Needs

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

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

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

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

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

12. 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

13. 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?