1. NL Studies Economics and Culture

2. Definition Different ways we make a living to meet our basic needs Also, to satisfy our wants for comfort, recreation, entertainment, and pleasure

3. Types of Economies Subsistence Barter Market

4. Examples of Economic activities that may not be necessary but are practiced because of tradition or desire for “Market Independence” Subsistence Economy  Logging  Hunting  Berry picking  trapping Barter Economy  Removing a fence in exchange for lumber  Trading vehicles

5. Examples of Market Economy Market Economy  Fluctuation of gas prices based upon supply vs demand  Retail price of an IPAD being controlled by what the vendor feels the customer will pay  Products and services “paid for” with currency. Cost is determined by supply vs demand

6. Economic activities affect the way we live, and the way we live…. The way economic activities affect us differ from person to person and also differ between rural and urban regions. Some people choose to enjoy independence from a market economy by also practicing Barter and Subsistence. While our economy affects our culture, our culture influences behaviors that influence how our economy affects us!

7. “Hot” ecomony topics that affect the way we live: Price of Oil Interest Rates Unemployment Canadian Dollar Travel? Spending? Needs vs Wants? Vacations?

8. Influence of Economy on wants and needs Good times see more wants satisfied  Oil Boom Bad times see an emphasis on needs  Collapse of fishery

9. Activity Create a powerpoint presentation called “nlstudieseconomy.ppt” on your network drive Explain three types of economies, providing local examples and examples from other cultures outside Canada. Explain how Rural vs Urban cultures often experience these economies differently, providing local examples. Use a variety of text, color and pictures