Standard of living refers to the wealth, comfort, material goods, and necessities available in a country. On the world stage, Canada is perceived as having a high standard of living. To maintain this perception, Canadian Gross Domestic Product (GDP) must grow. This growth is fueled by innovation.

On completion of this unit, you will be able to
  • identify and compare the roles of the government and the marketplace in maintaining a stable economy,
  • identify the factors that contribute to the ways we earn and spend income, and
  • discuss the role of interest rates in an economy.