This home study is in response to Small business is too big to fail. Ottawa has little time to come to the rescue.
Click here to view the article.
Why small business is so vital to Canada
Introduce them to the article:
- This article will be great for your high school student. There are so many ideas to explore about the economy, small business, global impact and other issues. Your family could take several days to discuss different aspects of the article.
- Ask your learner what they know about small business. Think about small businesses in your neighbourhood, community and city. Which ones does your family interact with?
Reading it with them:
- Read the article in parts. The first part ends with ‘Ottawa needs to move massively and fast’. On another day, read the second half of the article.
Terms to explain:
- Too big to fail, trillions (write this number out together – how many millions are in a trillion?), GDP, systemic financial crisis, wage subsidies, crown corporations (name three), shock absorber
Key things they can learn from it:
- The importance of small business to the Canadian and global economy; how different countries support small business in times of strife; the difference between a recession and a depression
Sample questions to pose and challenges to look into:
- What is GDP? How do small businesses impact GDP?
- How is small business defined in Canada?
- What threat are policy makers trying to head off with the interventions for small business during this health crisis?
- How is government supporting small business at this time?
- How does Canada’s response compare to those of other countries?
- What is the Organization for Economic Co-operation and Development? Who belongs? What is its role?
- What are the lessons learned from the 2008 financial crisis that can help with decision-making during this crisis?
- What does “too big to fail” mean? How is the meaning different in 2020 than in 2008?
- In 2008 banks were part of the problem. In this crisis, banks are part of the solution. How?
Activities to do together:
- Watch the news on TV — do different stations offer different commentary on the support being offered by government?
- Research what the UK and other European countries are doing to support their economies through this crisis.
- Create a chart comparing the economic factors that helped the recovery from the Great Depression of 1929, the Financial Crisis of 2008 and the Health Crisis of 2020.
Helpful Internet searches:
- Check out the Government of Canada website to see exactly what the government is offering to support small businesses.