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chapter 6 (grade 9) economic systems effecting the quality of life -…
chapter 6 (grade 9) economic systems effecting the quality of life
What values shape the mixed and market economies of Canada
and the United States?
Scarcity: the limitation of resources related to land and ecomomics
all money, labor, materials and supply are limited
questions to solve scarcity: These all effect quality of life
How will it be produced
who will get it
What is needed or wanted?
scarcity is created by
labour
physical and mental effect to produce goods
capital
money needed to produce goods and services.
land
reneable and non renewable resources and how easy they are to obtain.
economic system:
economic continuum
Mixed economy: (Canada)
both make decisions on how to use resources
both influence economic decisions
resources publicly and individually owned
market economy: (shift right)(U.S): Less government involvement
individuals chose what is produced
supply and demand controls economic decisions
everything is privately owned
state of equilibrium (equal): the supply can meet standards of demand
planned economy (shift left): More government involvement
government makes all decisions about how resources used
no individual involvement
resources are publicaly owned
Crown corporation: company owned by government to provide goods and services.
promote economic development
support Canadian culture and identity
provide essentials
Public verses privately owned
Private: economy owned by business and individuals
Public: economy owned by government and payed for by government
Canadian and U.S economic history
public good: considers what's best for a society as a whole rather than individually
public good and cooperation
worldview that individual interests must be set aside to achieve what's best for society
public good and individualism
worldview that what's best for individuals is what's best for society
How do economic decisions about scarcity, supply and demand,
and competition affect individuals and groups?
unemployment rate: percentage of workforce that does not have a job
Labor union: protects workers rights
represents need to employers with collective bargaining (negotiating as a group)
pressures employer into giving better wages, hours and safety, so there are no strikes.
Because of unions we now have labor laws
