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Economic SystemsUnit 2
Jennette MacKenzie, Ruth Hay, and Susan Green
Student Name:
Reading Geography Series
8
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© 2009 Jennette MacKenzie, Ruth Hay, and Susan Green
All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means – graphic, electronic, or mechanical – without the prior written permission of the publisher.
Printed and bound in Canada by Friesens.
The publisher has made every effort to trace copyright holders and obtain their permission for the use of copyrighted material in this publication. If insufficient recognition has been shown, please contact the publisher, below, so it can be corrected in the next edition.
Titles in the Reading Geography 8 series
Unit 1: Patterns in Human GeographyISBN: 978-1-55379-205-5
Unit 2: Economic SystemsISBN: 978-1-55379-204-8
Unit 3: MigrationISBN: 978-1-55379-202-4 Teacher’s GuideISBN: 978-1-55379-206-2
Reading Geography 8 SetISBN: 978-1-55379-201-7
100-318 McDermot AvenueWinnipeg, Manitoba, Canada R3A 0A2
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Anticipation Guide ................................................................................. 3
What Is an Economic System? ............................................................... 4
Strategies for Learning: Monitor and Check
A Real World View: Economics @ Home .................................................. 7
Characteristics of Economic Systems ..................................................... 8
Strategies for Learning: Make Connections
A Real World View: Going “Green” ........................................................ 11
Canada’s Mixed Economy ..................................................................... 12
Strategies for Learning: Ask Questions
A Real World View: From Coast to Coast ............................................... 15
Check Your Understanding ................................................................... 16
Study Notes ........................................................................................ 17
Economic Resources ........................................................................... 18
Strategies for Learning: Look for the Main Ideas
A Real World View: The Ripple Effect ..................................................... 21
Types of Industries ............................................................................... 22
Strategies for Learning: Make Inferences
Industrial Development in Canada ........................................................ 24
Strategies for Learning: Summarize
Check Your Understanding ................................................................... 28
Study Notes ........................................................................................ 29
Unit Summary ..................................................................................... 30
Reflect on My Learning......................................................................... 31
Table of Contents
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Reading Geography 3
Statement
Agree or Reasons
After Disagree Reading
Anticipation Guide
In this unit, you will learn about economic systems and the factors that affect them. Economic systems involve the production, distribution, and use of goods and services in a country or a society.
Read each statement below and decide whether you agree or disagree with it. Jot down your reasons for your decision. Do not fill in the last column until after you have learned more information.
Your country and your family have economic systems.
All countries have similar economic systems.
The government controls all business in Canada.
Canada depends on natural resources for economic success.
Canada’s economy relies too heavily on service Industries.
Industries change to meet the needs of the market.
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4 Economic Systems
Systems are used to help people organize the ways they live. For example, a computer system organizes files. A transportation system organizes travel routes to make moving from place to place easier for people. An economic system is no different. It is the way that a society organizes its economic activities. The economic system produces and distributes goods and services to consumers.
You likely have your own personal economic system. You have your own money and, as a consumer, you decide which goods and services you will buy – whether to buy a new pair of jeans or go to the movies.
Many decision-makers affect a country’s economic system. Governments and businesses decide what goods they will produce and supply to consumers, and what those goods will cost. Consumers demand the types of products that they want and need. This is called supply and demand.
Economic systems are structured in different ways. The type of economic system a country has will depend on its type of government and its values and cultural traditions.
What Is an Economic System?
As you read, monitor and check your understanding. If there is a word that you do not know, read ahead or read back to see if the text gives you clues. If there are not enough clues, check the dictionary. Underline any words that you find tricky.
Strategies for LearningStrategies for LearningStrategies for Learning
Remember…An economic system produces, distributes, and consumes goods and services.
How Countries Measure Economic
Activity
Gross National Product
Measures the dollar value of all goods and services produced by a country’s citizens – whether they live in the country or not
Gross Domestic Product
Measures the dollar value of all goods and services produced in a country in one year
goods – things you can use, such as an MP3 player
services – things that are done for you, such as having your car fixed by a mechanic
Countries measure economic activity in two ways.
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Reading Geography 5
Remember…The development of an economic system is based on four questions: What goods are produced? How are the goods produced? For whom the goods are produced? How are the goods distributed?
The development of an economic system is based on the following four questions:
1. What goods are produced?
Every country has different economic resources. Canada, for example, has natural resources such as forests and fossil fuels. China, on the other hand, is known for the goods it manufactures.
2. How are the goods produced?
Some countries use technology to produce goods. Other countries do not have the same technologies and depend more on human labour to produce goods.
3. For whom are the goods produced?
Some countries produce goods mainly for use in their own country. Other countries produce goods to trade with other countries around the world.
4. How are the goods distributed?
Goods can be distributed by transport trucks, trains, ships, airplanes, or by the Internet.
Forests are one of Canada’s most important natural resources.©
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6 Economic Systems
Think About Your Reading
1. When learning about a new concept or idea, it is helpful to think about it in many ways – in writing, in drawings, and by comparing it to something you already know. Complete the following graphic organizer to help you understand economic systems.
2. (a) What words did you find hard to understand?
(b) Pick one of the words and explain how you figured out the meaning.
When I read the words “economic system” in the first paragraph, I didn’t really know what it meant. So I read on and it explained that an economic system is the way a country produces, distributes, and uses goods and services. The second paragraph also helped me by comparing the economic system to the way I manage my own money to purchase goods and services.
A definition of economic systems in your own words
A sketch or a symbol
Economic systems are like … An example of an economic system is…
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Reading Geography 7
A Re
al World View
The original meaning of the word “economy” comes from the Greek word for “one who manages a household.” Families use money in different ways. The adults in your family bring money into the house to pay for what the family needs. Many families plan a budget so that they can buy goods, such as groceries, and pay rent, as well as pay for such services as the telephone, Internet, and electricity.
Economics @ Home
Jamal’s budget worksheet helps him to track how much money he thinks he will have every month and how much he really makes. He can plan what he thinks he will spend on economic activities and then look at what he really spent. After that, he can decide how much money he will put into his savings account.
?Make Connections
Think about your own family’s economic system. How is it the same as the economic system of a country? How is it different?
What are the goods and services in your family’s economic system?
INCOME ESTIMATE ACTUAL DIFFERENCE
Wages $200.00 $200.00 (part time job) $20.00 $20.00 (shovelled snow for Mrs. Noth)
EXPENSES
Savings $20.00 $20.00
Cell Phone $35.00 $35.00
Gas $50.00 $50.00
Clothes $00.00 $15.00 ($15.00)Entertainment $25.00 $30.00 ($5.00) (movies,dinner)
SUBTOTAL $130.00 $150.00 ($20.00)INCOME $70.00 $70.00 0
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16 Economic Systems
Pause and think about what you have learned. The following activities will help you review your learning.
Check Your Vocabulary
In your own words, write a definition of the following terms:
economic system (page 4)
consumer (page 4)
supply and demand (page 4)
market economy (page 9)
mixed economy (page 9)
Check Your Reading Strategies
You used the strategies monitor and check, make connections, and ask questions to help you understand the text. Which strategy helped you the most? How did it help you?
Check Your Learning
Look back at the Anticipation Guide you completed on page 3. Reread your responses for the first three rows. What did you learn about these that was new or surprising?Would you change any of your answers? Why?
Check Your Understanding
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Reading Geography 17
Use the two columns of the graphic organizer to help you remember what you have learned. Take a blank piece of paper and cover the column labelled Details. Read each item in the column labelled Important Ideas and write down the details about each one. Remove the paper and check your answers.
Study Notes
Important Ideas Details
Economic System • The way a country produces, distributes, and consumes goods and services
Four Questions Economic • What goods are produced?
• How are the goods produced?
• Who are the goods for?
• How will the goods be distributed?
Four Kinds Of Economic Systems:
Traditional • Depends on the environment
• People grow the food and make the things they need to survive
• Past traditions determine decisions
Command • Controlled by government
• No competition
• Limited consumer choice
Market • No government control
• Much consumer choice
• Competition
Mixed • Some government control (hospitals, road building, police)
• Much consumer choice
• Competition
Systems Are Based On
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30 Economic Systems
Unit
Sum
mar
y: E
cono
mic
Sys
tem
s
Econ
omic
Sy
stem
s
Can
adia
n Ec
onom
ic
Syst
em
Goo
ds a
nd
serv
ices
Econ
omic
R
esou
rces
Type
s of
Indu
strie
s
land
labo
urca
pita
len
trep
rene
uria
l ab
ility
prim
ary
(nat
ural
re
sour
ces)
tert
iary
(ser
vice
)pr
ivat
ely
owne
d
seco
ndar
y (m
anuf
actu
ring)
gove
rnm
ent-o
wne
d
Indu
strie
s in
C
anad
a
shift
ove
r tim
e from
pr
imar
y to
sec
onda
ry
to ter
tiary
Econ
omic
Sys
tem
s
mix
ed
trad
ition
al com
man
d
mar
ket
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Reading Geography 31
Reflect on My Learning
Three new things I learned:
1.
2.
3.
Two things I already knew:
1.
2.
One thing I still have a question about:
1.
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