The Canadian economy is deeply interconnected, and your part in it is explored in this animated video. From apples to houses, your economic decisions help shape the economy, which in turn helps shape all of us. And the Bank of Canada’s role is to keep an eye on it all while giving you the confidence that your money will hold its value.
Discussion guide
After you’ve watched the video with your students, use this guide to explore key concepts, check for comprehension and lead a discussion.
Key concepts
- Money helps us achieve our goals and aspirations.
- All our economic actions, taken together, make up the larger trends and movements of the economy.
- One of the Bank of Canada’s roles is to monitor these trends.
- A stable economy benefits society overall.
Comprehension check
Ask the following questions.
Why is the Bank of Canada shown as a lighthouse?
Like a lighthouse keeper monitoring the ocean’s currents and waves, the Bank of Canada assesses the trends and movements of the Canadian economy. The Bank analyzes what is happening in the economy to prepare for and react to what might be coming ahead – for example, a storm or calm conditions.
What are the functions of the Bank mentioned in the video?
The Bank’s four key functions are to:
- cool down or warm up the economy as needed (using monetary policy and the inflation rate)
- develop secure and reliable bank notes
- monitor the financial system
- work as the banker for the Government of Canada
What does it mean when we say our world is interconnected?
Our world is interconnected through the actions we take every day that affect the economy. Whether we are buying or selling (spurring supply and demand), our choices have an impact on both domestic and international economies.
Group discussion
Ask the following questions.
- What actions do you take every day that affect the rest of the Canadian economy? What people, businesses or industries are affected by your decisions? How do your decisions connect you to others in your community or around the world?
- Our shared actions can create trends and movements in the economy, like currents and waves in the ocean. What kind of economy would you like to see in the future? What kinds of goods and services do you think society needs more of?
- What are some signs to watch out for that indicate the economy is doing well or underperforming?
- The video says, “Money isn’t just bills and coins... it’s something that turns your goals and aspirations into reality.” What are some of your goals and aspirations that require money? What are some that don’t require any money at all?
- Many countries have central banks with roles similar to the Bank of Canada’s—that is, of monitoring their country’s economy and supporting its citizens. What do you think would happen if Canada didn’t have a central bank?
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