Minds On
Task 1: Economy
What comes to mind when you hear the word economy?
Create a mind map about other words or ideas you think of when you hear the word economy.
You can record your ideas in the following fillable and printable Economy Mind Map document. You can also record your ideas orally, digitally, in print, or in another method of your choice.
Press the ‘Activity’ button to access Economy Mind Map.
Task 2: Sorting
Examine the following list of jobs. Sort these jobs into 4 categories, keeping similar occupations together in each group.
You can sort the jobs using the fillable and printable Job Sort graphic organizer or use another method of your choice.
Job sort
- farming
- sewing clothing
- fishing
- beekeeping
- paper factory worker
- picking fruits & vegetables
- lumber mill
- gas extraction
- mining
- dry cleaner
- food packager
- scientist
- grocery clerk
- medical researcher
- house cleaner
- banker
- real estate agent
- teacher
- lawyer
- hairdresser
- doctor
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Category 1 |
Category 2 |
Category 3 |
Category 4 |
|---|---|---|---|
Press the ‘Activity’ button to access Job Sort.
Brainstorm
Brainstorm
Examine each list that you have created. Are all of the jobs in each list similar? How?
Action
Task 1: Economic systems
An economy is the system of production and consumption of various commodities and services in a country, region, community, or globally.
Explore
There are four main economic systems that are found around the world. Each of these systems have different ways of operating, including advantages and disadvantages.
Press the tabs to explore the key features of each economic system.
Inuit packing sled in Nunavut, Canada. The Inuit are an example of a traditional economy.
A traditional economy is a system that relies on customs, history, and time-honoured beliefs. The members of this economy work together for the benefit of the whole community. Tradition, rituals, and culture guide this economic system. Traditional economies depend on agriculture, fishing, hunting, gathering, or a combination of the above. Rather than using formal currency, these economies work on a barter system.
One example of a traditional economy is the Inuit community of Northern Canada. For years, Inuit parents have taught their children the survival skills needed to survive the Arctic climate including hunting and harvesting.
The Mansudae Assembly Hall in Pyongyang, North Korea. It is the meeting place of North Korea’s government.
A command economy is a system where the government determines which goods should be produced, how much goods should be produced, and what price the goods should sell for. In a command economy, the government is responsible to sell goods and determine investments and incomes.
One example of a command economy is North Korea. In North Korea, the government controls all means of productions, setting priorities with an emphasis on economic development.
Wall Street, an area of New York City’s financial district.
A market economy is a system in which the decisions regarding investment, production, and distribution are guided by the needs and wants (supply and demand) of the people. Prices are set by private companies and individuals, and the government has very limited involvement.
One example of a market economy is the United States, where the free flow of goods and services facilitates producers and consumers, and the exchange of goods and services is determined by the consumer.
Canada is a mixed economy. The government decides on allocating wealth, but private businesses control trade and business.
An economic system that includes aspects of more than one of the three basic types of economic systems (i.e., traditional, command, and market)
In Canada, governments decide how to allocate the country’s wealth through taxing and spending. However, private owners control the country’s trade and business sector for personal profit.
Test Your Skills!
Essential questions
Answer the following questions about economic systems in a method of your choice.
Compare and contrast
Compare and contrast two of the economic systems we learned about. Use specific examples to describe the similarities and differences between the two economic systems.
Justify
Why do you think most countries have a mixed economy?
Press the ‘Answer’ button to reveal a possible answer.
Matching systems
Let’s check our understanding of economic systems. In this activity, you will be matching sentences to the economic system they describe.
Complete the following fillable and printable Economic Systems Scramble document. You can also complete this activity in your notebook or using another method of your choice.
Economic Systems Scramble
The sentences in the sentence bank describe one of the four economic systems. Put each sentence into its appropriate economic system box.
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Traditional |
Market |
|---|---|
|
Command |
Mixed |
Sentence bank
Copy and paste each sentence into the appropriate economic system box.
|
The government has minimal involvement in this system |
A system based on customs and family traditions |
A system based on government decisions about price and production |
|
Some private independence is still available |
Combines two other economic systems into one |
People produce what they need to survive |
|
Business owners make decisions based on supply and demand |
Most people hunt, gather, or farm for resources |
The government is responsible to sell goods |
|
The government established basic rules and regulations |
Producers continue to make products if consumers are willing to buy them |
Press the ‘Activity’ button to access the Economic Systems Scramble.
When you’re ready, press the ‘Answers’ button to reveal the answers to the Economic Systems Scramble activity.
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Traditional |
Market |
|
A system based on customs and family traditions People product what they need to survive Most people hunt, gather, or farm for resources |
Business owners make decisions based on supply and demand Producers continue to make products if consumers are willing to buy them The government has minimal involvement in this system |
|
Command |
Mixed |
|
A system based on government decisions about price and production The government is responsible to sell goods |
Combines two other economic systems into one The government established basic rules and regulations Some private independence is still available |
Case studies
Investigate each of the following case studies. Determine what type of economy is being describe for each country. Explain your reasoning in a method of your choice.
In Country A, the government met and decided it would be beneficial to focus on producing coffee. After this decision, they passed down materials and resources to farmers and factories to successfully produce coffee. The government told coffee producers the price they should charge to sell the coffee locally. The government also told the coffee producers how much they should charge to export their coffee. What type of economic system is this? How do you know?
In Country B, the owner of a local store has decided to begin producing and selling specialized soaps and candles. The candles have been very popular, so they have decided to produce more candles and decrease the amount of soaps they are producing (there is a higher profit being made on the candles and more people are buying them). What type of economic system is this? How do you know?
In Country C, people often exchange goods and services using a system they developed. Country C does not use money. Instead, communities grow their own vegetables and hunt for meat. Children learn how to hunt and gather from their parents and they trade goods with neighbours. What type of economic system is this? How do you know?
In Country D, the owner of a business makes most decisions about what to produce and sell while maintaining government regulations. A company might wait until a busy season (e.g. the holidays) to release the newest product so they can charge more. What type of economic system is this? How do you know?
Have you finished reading the case studies? Check your understanding by matching each country with its economic system. You can go back and reread the case studies if you need a reminder.
Task 2: Economic sectors
All economic activities are broadly grouped into four different categories: primary, secondary, tertiary, and quaternary.
Let’s explore each economic sector. Press the following tabs to learn about the economic sectors.
Primary activities are dependent on the environment and the harvesting and extracting of natural resources. People who engage in primary activities are called “red-collar” workers due to the outdoor nature of their jobs. These jobs are usually located in rural areas (in the country).
Secondary activities take natural resources that are harvested and extracted and transform them into valuable goods/products through manufacturing. People who engage in secondary activities are called “blue-collar” workers. These jobs are usually located close to urban areas (cities).
Tertiary activities include both production and exchange. This is considered the service industry. Production involves providing people with services needed for daily life. Exchange involves trade, transport, and communication facilities. People who engage in tertiary activities are called “white-collar” workers. These jobs are usually located in urban and rural areas populated by people.
Quaternary activities focus on knowledge sharing and information-based services. There has been a very high growth in demand for and consumption of information-based services. People who engage in quaternary activities are often referred to as “gold-collar” workers. These workers are located primarily in urban areas (cities).
Sector shake-up!
Let’s check our understanding of economic sectors.
For each job, select the appropriate economic sector.
Brainstorm
Reflect
Answer the following questions about economic sectors. You can record your thinking using a method of your choice.
- It is important for a country to have a healthy balance of all four sectors. Why do you think this is?
Press the ‘Hint’ button for a tip.
- Human Development Index (HDI) is a summary of achievement in human development, such as a long, healthy life and a decent standard of living. Why is it likely that a country with a high level of employment in the tertiary and quaternary sectors will rank higher on the HDI scale than a country that is dominated by the primary sector?
Press the ‘Hint’ button for a tip.
Task 3: Developed vs. developing countries
Let’s explore the following definitions for developed and developing countries.
Choose one developed and one developing country from the list to compare and contrast in the following fillable and printable Developed and Developing Countries graphic organizer.
You will need to conduct independent research on each country, specifically exploring the economic system they use and the different job opportunities from each economic sector.
Create jot notes about each country, specifically exploring the economic system they use and the different job opportunities from each economic sector.
You may wish to begin your research by exploring government databases and encyclopedias.
Developed countries: Canada, South Korea, United States, Germany, Iceland, Australia
Developing countries: Jamaica, Bangladesh, Cambodia, Rwanda, Mali, Mexico
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Developed country |
Developing country |
|---|---|
Press the ‘Activity’ button to access Developed and Developing Countries.
Use the following checklist as you research your developed and developing countries.
Success Criteria Checklist
Consolidation
Task 1: Test your knowledge!
In this learning activity, you have learned about economic systems and sectors in various parts of the world. Complete the following multiple-choice quiz to test your knowledge!
Brainstorm
Reflect
Answer the following question about economic sectors. You can record your thinking using a method of your choice.
A country that has high levels of employment in the tertiary and quaternary sectors generally ranks higher on the Human Development Index (HDI) than a country dominated by the primary sector. Why do you think this is?
Task 2: Apply your knowledge!
You have just been selected to be a government official of a newly developed country. You have been tasked with designing the economic structure of the country. Create a presentation in a method of your choice that explains which economic system you believe your country should have and why. Outline the advantages and disadvantages of different economic systems to help promote the system you have chosen.
Part of your presentation is to advocate for increased job opportunities for one of the four economic sectors. Which sector would you advocate for? Why?
- How will it benefit your country in the initial development stage?
- As your country progresses, would the sector you are advocating for change? Why or why not?
Reflection
As you read the following descriptions, select the one that best describes your current understanding of the learning in this activity. Press the corresponding button once you have made your choice.
I feel...
Now, expand on your ideas by recording your thoughts using a voice recorder, speech-to-text, or writing tool.
When you review your notes on this learning activity later, reflect on whether you would select a different description based on your further review of the material in this learning activity.