How Do Economic Systems Influence Industries Across Canada And The World?

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How Do Economic Systems Influence Industries Across Canada And The World?

The Five Economic Questions

What Goods And Services Are Produced?

Geography (weather, climate, natural resources) can often determine what products and how many products/services are produced.

For Whom Are The Goods And Services Produced?

Buisnesses offer consumers goods and/or services depending on the needs of the customers.

How Are Goods And Services Distributed?

Stores like Canadian Tire and Tim Hortons use trucks to deliver their goods.

How Are Goods And Services Produced?

Assembly-Line Process for mass production in products.

Who Produces Goods And Services?

Artists, farmers, electricians, and dentists all produce different types of goods and services.

Four Economic Resources

Capital

Money available for investment in goods/services to help benefit their buisness and increase production of wealth.

Land

Natural Resources including: Water, soil, forests, animals, minerals, and energy sources.

Labour

People are very important to the distribution and advertisement of a good or service.

Entrepeneurship

A person or group (entrepeneurs) who create buisnesses where their actions are affected and can cause the area or region to either suffer or benefit.