Section 1 Summary

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Section 1 Summary

In this section, you explored this question:

How do the Canadian and the United States economic systems work?



In the Section 1 Inquiry, you connected economic systems to ways that animals might live. Canada's economy can be compared to the game reserve because business is allowed to operate freely under the watchful eye of the government. Canada follows the values of a mixed economy.

The United States is more like the untamed wild where individual animals live by the rule of survival of the fittest. The United States government does not get involved in the economy unless it is absolutely necessary. The United States leans more towards the values of a market economy.

The economies of Canada and of the United States have many similarities, but there are also differences. Both nations believe in ensuring that the public good is met. Yet, Canada leans more towards meeting the public good through the success of the community or nation. The United States leans more towards meeting the public good through the success of the individual and through less government influence.

The economies of both Canada and the United States have been impacted by the introduction of workers' rights and labour unions. As a result, government and business both have had to adapt their roles in the economy to ensure that employees receive the expectations of these rights.

As the consumer, you affect how an economy operates. If there is no one to buy products or use services, then the economy will fail.

In the next section, you will see how the economic systems of Canada and the United States influence your consumer decisions and quality of life.