Our Unit Three focuses on the study of Economics related to decision-making.

To understand the basics of Economics, this short video will give you an outline of it. Some concepts to focus on:

• scarcity
• types of resources
• three economic questions: What to produce, How to produce, and Who to produce for?
• types of economic systems
• interdependence and specialization
• production
• wealth and money

Each country must make economic decisions that best support the standard of living for their citizens. The documentary below discusses some of the main concepts related to these resource-use decisions. Included are:

• comparison between American (wealthy and poor) and Kenyan (wealthy and poor)
• Those with wealth use more resources, generate more waste, and become influence in decision-making to determine how governments are run and spend money – influencing that gap between wealthy and poor
• the definition of Trash- most trash could be reused. Could be reconsidered as being in-between the last user and the next. Food trash is considerable – 1/4 of food developed never makes it to a table.
• What responsibility is it of the wealthy to help create education and supports for the poor, to help them rise up out of their lower living standards?

Countries can be assessed on a scale of greater and lesser quality of life. Do any parts of the following map surprise you?

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• Canada’s Profile – United Nations Human Development Report
  • Consider looking into the Health section and Human Security – look at the differences by gender
• OECD Better Life Index – voters rank what qualities of life are most important to them, by country
  • Look through the pages and see how Canadians have ranked what’s most important to their quality of living

Here are some additional sources to help us better understand some of the concepts we’re learning about:

1. a) What does GDP stand for? Explanation and notes from video

1.b) Government spending it part of the calculation of GDP. What percentage of Canada’s GDP comes from government spending, compared to other countries? 

Canada Government Spending – percentage of GDP

1. c) Growth rate of Canada’s GDP (image below)

 

 

 

 

 

 

 

 

 

 

 

 

1. d) Human Development Index: The measure by the United Nations that ranks countries according to literacy, life expectancy, and GDP.Human Development Index Website

 

 

2. World Bank measures the wealth of each country.

• Consider from the website given the countries listed as wealthy compared to those listed as very poor. What do you recognize of where wealth in the world exists and where it doesn’t?

The World by Income – site

 

 

 

 

 

 

 

 

 

 

 

 

 

3. The World Bank (The International Monetary Fund – IMF)

The World Bank – Canada’s page