Week 3 Mixed Economy PDF

Economi c Systems Satisfying unlimited wants with limited resources  Learner Outcomes 01. Why is Canada How02. has the 03. are some What emergence of similarities and viewed as labour unions...

Economi c Systems Satisfying unlimited wants with limited resources  Learner Outcomes 01. Why is Canada How02. has the 03. are some What emergence of similarities and viewed as labour unions differences in having a mixed impacted the way economy? market and governments in mixed Canada and the economies? United States intervene in the market economies? Review: Supply and Demand? Competition? Principles of Market Economies  Canada’s Economy- Mixed Founding principle: “Peace, order, and good government.” We believe in cooperation. Individuals and the government own businesses and make decisions.  Consider Canada’s founding principle: “Peace, order and good government” What do you think this means in relation to economics? In what ways does Canada’s government uphold this founding principle?  Canada’s Economy- Mixed Our economy is a mixture of public (government) and private (individual) ownership. They both make decisions about what to produce. The government AND consumers influence economic decision making. Our government controls mostly the vital industries and services such as railways, postal, or power companies. The Canadian government also funds initiatives to promote Canadian culture via radio, television, movies and the arts.  Canadian and American Economies https://go.edwin.app/reader/17229 Please use the link to Edwin in our Schoology shell to investigate the timeline of American and Canadian economics. Please answer the questions in the textbook in your table groups.  Canadian and American Economies Research and Compare: Research the following government interventions and how they are executed in Canada and America. In a chart, organize your research to indicate HOW the government intervenes (What laws or legislation is in place?) and if the interventions are similar or different. Health Care Please see Social Programs example on Ownership next slide Economic Stimulation Environmental Protection You will have 30 Competition Laws min to Consumer Safety Initiatives complete this task Example (you may use this info for your notes) Intervention Canada United States Similar/Different Ownership Crown Corporations US Postal Service, Similar – however, created to provide Tennessee Valley Canadian government essential services Authority, Amtrak, is much more active in (Canada Post, CBC, corporate ownership. Via Rail). Economic Stimulation Policy directed by the Policy directed by the Similar – however, ruling Government and ruling Government and traditionally the the Bank of Canada the Federal Reserve Canadian government tends to be more involved economic stimulation  The Answers… Intervention Canada United States Similar/Different Health Care Universal Health Care Medicare and Medicaid (Covers only the poor, Different – Canada’s elderly and disabled) health care is a provincial responsibility, in the United States it is a federal responsibility. Social Programs Old Age Security, Social Security Act, Similar – Canada’s Welfare, Child Tax College Aid, Food programs are more credit, Employment Stamp Programs, extensive. Insurance, Student Welfare Grants, affordable housing, CERB payments Intervention Canada United States Similar/Different Environmental Canada Environmental US Environmental Similar Protection Protection Act, 1999 Protection Agency Competition Laws Competition Bureau Bureau of Competition Similar Sherman Anti-Trust Act Competition Act 1889 of 1890 Consumer Safety Health Canada US Consumer Product Similar Initiatives Canadian Standards Safety Commission Association American Intervention…The New Deal Jobs and Our Economy Economic decision making impacts the number and types of jobs available. Supply and demand can impact jobs by creating opportunities or challenges for Canadians. Economics In the News - see separate assignment posted. (foreshadowing…) Should Canada’s government help create and protect jobs?  Labour Union Labour Union: An organization of wage earners formed for the purpose of serving the members’ interests with respect to wages and working conditions. Unions provide ways for workers to act as a group. Unions make collective bargaining possible. Collective bargaining: Negotiating as a group. Collective bargaining is the key right established by unions for the workers.  Labour Union Because of unions, Canada has labour laws, such as Canada Labour Code. Canada’s labour laws establish that workers have a right to form unions. They also describe bargaining procedures for unions and employers, set standards for wages, hours, holidays and safety.  Labour Unions Impact on Mixed Since there is some degree of Economies government intervention in a mixed economy, unions can influence change in the same way as in a market economy but also through cooperation with the government. Unions lobby governments for favorable legislation. Governments can also create legislation that is not favorable to labour unions (e.g. Back to work legislation, essential services, forced mediation).  Labour Unions Impact on Market InEconomies a pure market economy, the government does not set employment standards for workers. Without government intervention into economic matters, it would be up to the employees and the consumers to try and hold the employers accountable.  Labour Union By organizing workers into groups, unions can pressure employers about wages, working hours and workplace safety. Strikes are a form of pressure. During a strike, workers as a group refuse to do their jobs. In extreme cases, labour unions can support each other in solidarity and a small strike can turn into a general strike The Winnipeg General Strike WGA Strike Workers Rights and Our Charter Workers Rights and Our Charter Cartoo ns See separate assignments: Political Cartoons PPT (notes), Economic Cartoon #1, #2, #3 (Labour Unions)