Activity 2 page 2

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Explore

What is economics, and how does it affect you?

You have discovered that economics has to do with goods and services. But more importantly, the central principle of economics has to do with exploiting resources, turning resources into finished goods and services, distributing the goods and services, and consuming the goods and services. Economic systems answer the questions of what to make, what to grow, what to eat, what to sell, what to buy, and how to meet the needs of all people in society.

Economics impacts jobs, income, and taxes paid to the government. Canada's economic system reflects the values we have as a society. Canada's economic system affects your quality of life and the quality of life of all Canadian citizens.

economics: the study of how economies work; the production, distribution, and consumption of goods and services

economic system: the way a society organizes the production, distribution, and consumption of goods and services

Vocabulary

Use the Issues for Canadians Definitions handout that you have saved in your Activities folder to record the definitions for economics and economic systems.

As you continue to study economics throughout the course, you may want to add to your definitions as your understanding of the concept broadens.

Return your updated handout to your Activities folder.

As an individual, you get to make many economic decisions, such as what part-time job you have, what clothes you buy, or what form of transportation you use. Your decisions are based on the values you hold.

The Canadian government also makes economic decisions that affect you. For example, the price of gasoline includes the tax of the federal government; the Goods and Services Tax (GST) you pay at the stores goes to the federal government. The decisions the government makes are based on the collective values of Canadians and enacted through legislation.

Inquire and Respond

What are some current events in the news relating to Canada's economy? These events may include the value of the Canadian dollar, the price of a barrel of oil, rates of unemployment, or the current interest rates set by the Bank of Canada. Many issues are addressed in the daily news!

Select one news items related to Canada's economy. Complete a Currents Events Graphic Organizer from one of the links below.

Current Events Graphic Organizer (Word)
Current Events Graphic Organizer (pdf)
Current Events Graphic Organizer (Google Doc)

Remember to keep a copy of your news article in your Activities folder.

Save your completed graphic organizer to your Activities folder.

Image©Thinkstock

Image©Thinkstock

Going Beyond

 Internet Web Search

• Not all countries have the same economic system as Canada. Canada's economy is based on a mixed economy. The United States' economy is based on a market economy. Compare and contrast the economies of Canada and the United States to another economy. For example, explore the economy of China, the European Union, or the United Arab Emirates.
  
  

• Investigate child labour laws around the world. Not all children have the same labour protection as they do in Canada. What are other governments and organizations doing to protect the rights of children in other nations? Read how the International Labour Organization of the UN sets laws. How might you get involved as an active citizen?