Unit 3 Test Review - Economics Jayanth Grade 11 FINAL

Fast Fashion

• Fast fashion is a term for cheap and low quality clothing that are rapidly produced and cycled in and out the market to meet new trends. It has detrimental environmental and social impacts, such as waste, pollution and slavery1

Seasonal Unemployment

• Season Unemployment, a form unemployment that depends on certain trends in the year or seasons, for example many fisherman dont fish in the winter due to the cold harsh winter as the season is open to only 40 days.

Cyclical Unemployment

• Is when demands of goods and services in a sector decreases and causes layoffs.

Structural Unemployment

• This is when a layoff is done due to the mismatch on what the market wants and what the economy has.
• The difference between these 2 types of unemployment is that, structural unemployment exists when the economy is good, but cyclical unemployment is caused due to recession and economic conditions

Professional Association

• A professional association is an organisation formed to unite and inform people who work in the same occupation. There Are many advantages to joining associations.
• Professional associations in healthcare represent a collection of professionals who work towards the common goal of promoting and improving the medical profession they are associated with. These healthcare organisations champion their members by providing resources, information, and opportunities they might not have had otherwise.
• It is like a group that can assist a particular group of similar people, it is not a union but is a type of union.

External Stakeholders

• External stakeholders are those outside of a company who are indirectly affected by its decisions and outcomes. External stakeholders include customers, suppliers, government agencies, creditors, labor unions and community groups.

Networking (3 ways to Network in the video)

• https://www.youtube.com/watch?v=4OTPJZnBP8s
  • Wishbone - This represents knowing what you want and identifying who can help you attain it. It's about having clarity on your goals and aspirations. For example, the student Alejandro had a clear wish or goal to become a lacrosse coach and understood that he needed to connect with the lacrosse community to achieve this.
  • Jawbone - This bone emphasizes two components: competency and humility. Competency involves knowing what you're talking about, having done extensive research before reaching out. Humility is about being likable and providing value to others, offering more than you take in a relationship (51/49 principle), and helping others with their goals.
  • Backbone - Persistence is key in networking. The most common response in networking is "no," but it's important to persist through rejections. Serwanga shared his personal experience of reaching out to ten authors to learn about writing and publishing a book; only one gave him the extensive guidance he sought, but that was enough to set him on his path to becoming an author.

Ontario Health and Safety Legislation

• Designed to ensure the safety and health of workers in the workplace. It outlines the rights and responsibilities of both employers and employees and includes provisions for safe work practices, hazard identification, and accident reporting.

Itinerant Worker/Migrant Worker

• Itinerant workers are workers that move around the world or regions, to work, an example of this is a farmer who works in different when there are seasonal differences

Union/Organized Labour

• Organized labors are formed as associations representing the common interest of workers in a particular industry, this association negotiates better terms and conditions with employers in the industry for the benefits of the workers.

Underground Economy

• An underground economy is where government sanctioned are being traded for goods and services but the taxes is not going back due to a realization of things like goods, cryptocurrency or hard cash.

Dual Market (black market powerpoint)

• A dual market exists when there are two distinct segments within an industry or economy. It can refer to legal versus illegal markets, such as a regular retail market alongside a black market, or primary versus secondary markets, like new stock issues versus trades of existing stocks. Dual markets can also indicate formal versus informal economies, with one being regulated and taxed while the other operates without official oversight

Black Market

• A black market is a segment of the economy where transactions occur illegally. Goods and services traded on the black market are typically forbidden by law, such as illicit drugs or smuggled goods.

Automation (unemployment and Employment power point)

• Automation involves the use of technology to perform tasks that were previously done by humans. While it can lead to increased efficiency and production, it also has the potential to displace workers and change the nature of employment.

Cooperative Workers (Workers comp)

• Workers' cooperatives are enterprises owned and democratically controlled by their members, who work in them. Workers' compensation is a form of insurance that provides benefits to employees who suffer job-related injuries or illnesses.

Outsourcing

• Outsourcing is the business practice of hiring external vendors to perform tasks or provide services that could be done internally. It is often used to cut costs, access specialized skills, or improve efficiency.

Fraud

• Fraud is an intentional deception or misrepresentation made by an individual or entity to gain an unauthorized benefit, often financial.

Tax Evasion

• Tax evasion is the illegal practice of not paying taxes by not reporting income, reporting expenses not legally allowed, or not paying taxes owed.

Supply

• Supply is the total amount of a specific good or service that is available to consumers at a given price level and time.

Demand

• Demand refers to consumers' willingness and ability to purchase goods or services at a given price level and time.

Gini Coefficient

• The Gini coefficient is a measure of income or wealth distribution within a population, with higher values indicating greater inequality.

Fair Trade

• Fair Trade is a movement aimed at helping producers in developing countries achieve better trading conditions and promoting sustainability.

Ethical Consumerism

• Ethical consumerism involves making purchasing decisions that are ethically sound, considering factors such as labor conditions, environmental impact, and corporate governance.

Green Products

• Green products are designed to minimize environmental impacts, using sustainable materials and processes, and often come with certifications like Energy Star.

GMO’s

• GMOs are organisms whose genetic material has been altered through genetic engineering to exhibit traits that are not naturally theirs.

Market Economy

A market economy is an economic system where supply and demand guide production and consumption with minimal government intervention.

Traditional Economy

• A traditional economy is an economic system where traditions, customs, and beliefs guide the production and distribution of goods and services.

Command Economy

• In a command economy, the government makes all decisions regarding the production and distribution of goods and services.

Mixed Economy

• A mixed economy combines elements of both market and planned economies, with some sectors controlled by the state and others by private enterprise.

Big Concepts/Theories Covered

5 Steps in Establishing a Union (Mrs. Nunes Slides)

The 5 Steps in Establishing a Union

Various Ways workers can organize themselves: Contract workers, Itinerant Workers, Professional Association, Workers Cooperative, Labour Unions, Foreign Workers Ontario Health and Safety Legislation

• Contract Workers: Work under fixed-term contracts, often with specialized skills, offering flexibility and potentially higher pay, but less job security.
• Itinerant Workers: Typically seasonal employees who travel to various locations for employment, common in agriculture and similar industries.
• Professional Associations: Organizations uniting people in the same occupation, providing resources, information, and advocacy.
• Workers Cooperative: A business model where employees own and democratically manage the enterprise, sharing profits and decision-making.
• Labour Unions: Groups that represent collective interests of workers, negotiating with employers over wages, benefits, and working conditions.
• Foreign Workers: Individuals working in countries other than their own, often filling roles in construction, agriculture, or caregiving.
• Ontario Health and Safety Legislation: Regulatory framework ensuring worker safety and health standards in Ontario, Canada.

Different Types of Unemployment

• Cyclical Unemployment: This is related to the regular ups and downs, or cyclical trends in growth and production, as part of the business cycle. It rises during economic recessions and falls during economic expansions, reflecting changes in the demand for goods and services.
• Frictional Unemployment: This type arises as a result of people moving between jobs, careers, and locations. It's sometimes referred to as "search unemployment" and is considered inevitable in a dynamic economy.
• Structural Unemployment: This form occurs due to a mismatch between the skills that workers in the labor market offer and the skills demanded by employers. This can be due to technological changes, changes in consumer demand, or other factors that change the structure of the labor market.
• Seasonal Unemployment: This type happens when people are unemployed at certain times of the year because their jobs depend on the season or the weather. This is common in industries like agriculture, tourism, and construction.
• Regional Unemployment: A higher concentration of unemployment in specific regions, often caused by the decline of industries predominant in those areas.
• Youth Unemployment: Refers to the joblessness among young people, typically between the ages of 15-24, and may be due to a lack of skills, work experience, or higher barriers to entry-level employment.

What are some strategies businesses use to market their products using the law of supply and demand?

How Businesses use Supply and Demand

• Informs company on quantity, need and future preparation (inventory and recording monthly records)
• Ex: Propane in the Winter
  • People who use propane to heat their houses don’t need to use a lot of propane
  • But in the winter when it is really cold, they need more propane

Inventory

• Taking inventory is needed to ensure that a firm’s inventory records match the physical count, to support materials management and to ensure that a correct ending inventory balance is reported on its balance sheet:
  • Holidays
  • Christmas
  • Halaween
  • What does everyone want?