Intro to economics study guide

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Scarcity  

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29 Terms

1

Scarcity  

  • Basic factor that creates an economic system 

  • Shortage must be handled properly to keep society balanced  

  • People's wants exceed availability  

  • Government tries to balance limited resources 

  • Satisfying unlimited wants with limited resources 

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2

Addressing scarcity 

  • What - is wanted or needed 

  • How - will it be produced 

  • Who - will get it 

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3

How are people’s needs are supplied 

  • Land 

  • Labour  

  • Capital 

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4

Land 

  • Materials found the in natural environment  

  • Renewable (can be replaced fully) and non-renewable (exist in limited quantities and never replaced) 

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5

Labour 

Physical and mental effort needed to produce goods and services 

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6

Capital  

Money people own or borrow used to buy equipment, tools, or other resources to make goods and services 

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7

Economic system  

  • Solve the basic problem of scarcity  

  • Different ideas about how to organize an economy makes different economic systems 

  • Organized by a continuum based on values of society and the government  

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8

Ownership 

  • Publicly owned – controlled by government and paid by taxpayers 

  • Privately owned – controlled by businesses and individuals 

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9

Centrally planned economy  

  • Resources are publicly owned 

  • Government makes decisions on how to use resources  

  • Consumers have little influence on economy  

  • Far left 

  • Prices set by government 

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10

Market/free economy 

  • Everything is privately owned 

  • Individuals make decisions on how to use resources 

  • Consumers drive economic decisions depending on what’s being bought 

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11

Mixed economy 

  • Mix of publicly and privately owned businesses 

  • Individuals and government both make decisions on what to produce 

  • Both have influence on economic decision making 

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12

Crown corporation 

  • Company owned by the Canadian government to provide goods and services 

  • Provides essential services 

  • Promotes economic development 

  • Support Canadian culture and identity 

  • Creates jobs to support economy and culture through taxpayers' money 

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13

Public good 

  • What is best for the interest for all of society 

  • Many people disagree due to different perspectives 

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14

Consumer 

Buys product or service 

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15

Producer 

Provides product or service 

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16

Good  

The thing being produced or manufactured 

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17

Service  

  • Doing something for you 

  • Might not be an object 

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18

Supply  

  • How much of a product or service there is 

  • Producer willing to produce something at a certain price 

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19

Demand 

  • How much consumers want a product or service and how their willing to pay for it 

  • How much the product can be sold at for that price 

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20

Equilibrium  

Supply and demand are equal 

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21

Supply and demand 

Cause-and-effect relationship 

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22

Competition  

Rivalry among different producers to sell the most products 

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23

Monopoly  

  • They are rare because they need government support  

  • Do not need to be competitive in price 

  • Government funds the money they lose 

  • Prices regulated by government 

  • Ex: Canada post (crown corporation)  

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24

Government intervention in market economy 

  • To keep people safe 

  • Collect taxes for common good (ex: healthcare) 

  • Impose laws for fair competition, making base a price 

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25

Founding principle 

  • Canada: “Peace, order and good government” 

  • America: “Life, liberty, and the pursuit of happiness” 

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26

Government interventions in economies 

  • Healthcare  

  • Social programs 

  • Ownership 

  • Economic protection 

  • Competition laws 

  • Consumer safety initiatives 

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27

Jobs and our economy  

  • Economic decisions impacts job availability 

  • Supply and demand can affect job availability, making opportunities or challenges 

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28

Labour unions  

  • Organization of wage earners (workers) 

  • Makes wages reasonable and makes workplace safe 

  • Can lobby (fight/convince for legislation) the government 

  • Government can make favorable or unfavorable laws for unions 

  • Can pressure employers about wages, hours, workplace safety 

  • Strikes form pressure, they can refuse to do their job 

  • Extreme cases, small strike can turn to general strike  

  • Paying some wage towards union to help you out 

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29

Collective bargaining 

  • Negotiating as a group.  

  • It is the key right established by workers unions for workers 

  • Charter of rights and freedom protects collective bargaining 

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