Economics 1021A/B Lecture Notes - Lecture 1: Economic Security, Canada Pension Plan, Old Age Security

• School: Western University
• Department: Economics
• Course: Economics 1021A/B
• Professor: Emilie Rivers

Document Summary

State of mind/sense of wellbeing by which a person is relatively certain that he/she can satisfy basic needs and wants, both present and future. The more income a person has, the greater the level of economic security. To obtain a sense of wellbeing, it is dependent upon the use of economic goods/services. For this to happen, person must have income. Economic insecurity: the opposite of economic security: a person is unable to achieve a sense of wellbeing due to a fear that present and future needs won"t be satisfied, due to financial restraint. Economic insecurity consists of one or more of the following. Loss of income (due to retirement or leaving a job: due to loss of job, either permanent or temporary, soon will be unable to satisfy basic needs/wants. Unless you have assets or past savings or other sources of income: additional expenses, ie.