Economic Security

CHAPTER 3

The Canadian Economy Today

• Economies at the time of contact were based on 2 main ideas:
• Goods and services are distributed through �buying and selling.
• Individuals should be free to become as� wealthy as they can.
• Over time this system became known as capitalism.

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Needs and Wants

• In this section, the economies we will discuss mostly concern the needs that can be met with money.
• However, some needs and wants cannot be met by money such as having a job you enjoy, or to belong and feel safe and loved.
• Including interests when deciding jobs or which activities to take part in is also important.

• In a capitalist economy, most of the goods and services people need are produced by private companies/ ex. Microsoft.
• The main goal of companies is to make as much money as possible.
• Most people get what they need by buying things.
• Most people make money by owning a business or working for a business.

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Capitalism

• Individual freedom is highly valued.
• Individuals produce goods and services.
• How much money someone has determines whether or not they can meet their most basic needs.
• Competition is important to create wealth and improve society.

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an economic system in which economic means and production are controlled by individuals (entrepreneurs).

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 his or her needs.
• Co-operation is important to help create wealth and improve society.