How do economic systems influence industries across Canada and the world?

Operating Your Own Business

The Five Economic Questions

Who produces goods and services?

What goods and services are produced?

How are goods and services produced?

For whom are goods and services produced?

How are goods and services distributed?

Four Economic Resources

Labour

People are needed to provide the goods. e.g. Farmers have to pick the vegetables to get the goods, miners will have to dig the coal out to receive the goods.

Land

Natural resources.e.g. Soils, water, forests, animals, and energy resources.

Capital

Investment money and all that it can buy.e.g. Using your own money to buy a factory, and then producing stuff in the factory.

Entrepreneurship

Ability to recognize business opportunities, and make something successful.e.g. Knowing how to make a successful business, and knowing the factors of a successful business and then not being able to fail.

The Market Economy

Driven by Profit

Make and distribute products or services that can be sold at a greater price then it's original price. Prices where decided by how much supply that was brought to the market.

Market Economy Problems

Economic depression is a time of no employment, low prices, low profits and loss of business.

The Traditional Economy

Shared use by a group or family. Custom belief or religions within a strong community.

Hunting and Gathering

Organized hunting, fishing, and farming to provide group by Aboriginals.

Subsistence Agriculture

Subsistence farmers work full time to produce their own food. The extra resources are traded or sold.

Children: Takes care of animals and find firewood.Adults: Heavy farm workElderly: Gives advice on stuff affecting family, farm and community and takes care of children.

The Command Economy

The Command Economy is a system where the government controls all production and distribution of goods and services.

Communism a system that supports ownership and means of production.

Mixed Economies: A Closer Look

Traditional and Market

Marketplaces in which goods are offered by vendors. Local Taxis, or repair work are also available.

Traditional and Command

Many people rely on Subsistence agriculture. e.g. China, North Korea, Vietnam, and Laos.

Market and Command

Government planning and taxation.