Economic Security

Why do people need economic security?

.

Canadian Economy

• Goods and services are distributed through buy and sell

• Individuals should be free to become wealthy. This is called capitalism

Capitalism

• Most goods and services people need and want are produced by private companies. The main goal of these companies is to make money

Needs and Wants

• Drives the economy• Many needs can be

bought.• People make money

so they can buy food, shelter, clothing.

• They may also buy other things like cars, cell phones, take vocation. These are wants.

• What needs or wants can not be bought?

Maslow’s Hierarchy of Needs

Contemporary Commodities(economic sectors)

There are four main economic sectors of work in Canada.

Brainstorm the different types of work around you.

Primary Contemporary Commodities

• Fish• Farms• Trees• Minerals

Harvesting or extracting natural resources

Secondary Contemporary Commodities

• Manufactured goods(raw materials are turned

into products)• Construction(Building things like

homes, roads, bridges)

Tertiary Contemporary Commodities

• ServicesThese people provide

services to others.

(Teachers, bus drivers, lawyers, mechanic, salesperson, medical professional…)

Quaternary Contemporary Commodities

The newest economic sector. These people work with new ideas and information. Always changing and evolving.•Technology•Research

Two Economic SystemsCapitalism

Individual freedom is highly valued

Production of goods and services is controlled by individuals

Whether or not people can meet their needs depends on their own wealth

Competition is important to create wealth and improve society

Socialism What’s best for the group is

more important than individual freedom

Production of goods and services is in the hands of the government.

Every person should receive enough to meet their needs

Co-operation is important to help create wealth and improve society

What’s your opinion of these two different systems? How is your

life affected by the kind of economic system we have in

Canada?