Both Canada and the US monitor consumer spending in order to ensure their economies are stable. How much money consumers have to spend influence how stable both a mixed and market economy are. To help guide consumers, as well as those involved in the market, financial organizations develop an idea of trends through the year. We know at Christmas time, the trend is more money is spent. However, this trend may differ year-to-year, depending on what is happening in the economy. These trends vary depending on your geographical location, as well. Looking at it from a more personal perspective, the following comic can help us understand how the above concepts are similar to the quality of life of a teenager. Depending on where you live in North America, you may have different views on consumerism.
How much we have to spend or how prosperous we are affects how much we can buy and what we can buy. Regionally, income percentages can different. Not only are they different, the cost of living is different as well.
Nerdwallet has created a calculator that will help us understand the differences in cost of living and how far our money will go. These costs are based on American costs.
Remember...
GDP is the amount of wealth a country has.
Per Capita is the average per person.
The higher the GDP value, the better off the people are in that country.
GDP per Capita in 2016:
Canada - $42,969
US - $53,015
Mexico - $15,803
Task 1: Search the internet for products or services that are being boycotted. Select an issue and let me know what the issues is. It will be recorded on a shared document titeld “Current Canadian Boycotts”. You want to make sure they are current CANADIAN issues (2015 - current). Using the group document found in Google Classroom respond to the questions in the chart.
Task 2: In this chapter we looked out consumerism and how it plays a part in our economy. Respond to the following questions in Google Classroom. You will find them as separate questions. Once you have completed your answer, you will be able to read other peers responses.
How does consumer behaviour affect quality of life for individuals and groups in Canada and the US?
What affects the impact of consumerism on the economies of Canada and the US?