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- 1what is EconomicsEconomics is about decisions, it's about what to create, grow, eat, sell and buy and how to respond to different needs that society demands.
-Affects the income people make, their jobs and taxes that are paid to the government.
-Economic decision making can affect citizenship, identity, and quality of life for individuals and groups in society.
-Stores contain products, they are manufactured and shipped to store, costs of the their manufacture and shipping are included in the price. - 2what do Economic systems affectEconomic systems affect decisions about jobs, products and services, which in turn affect the quality of life.
- 3what is a consumerA consumer is a part of Canada’s economy.
-Things you own reflect what you value and your decisions in what you buy, they also affect what you can buy, based on how Canada's economy distributes resources. - 4Why stores don’t have enough-At times game manufacturer cannot supply enough.
-Truckers strike means stores only get a partial shipment.
-Discount prices could mean faster sales, which lead to supplys running out faster.
-Some people buy things for a lower price, and sell it for more when it is limited. - 5In economics, resources include?In economics, resources include the money, labour, and materials to supply what people want and need.
-Can be limited for many reasons. (Ex. Berries being limited because of growing seasons, and agreements to others in the world). - 6what is scarcity-In economics scarcity, is the idea of limited resources.
- 7what are the 3 basic factors of production?Land, Labour, Capital.
-land Consists of all materials found in the natural environment that are needed to produce goods and services.
-Renewable resources (trees, raspberries) and non-renewable resources (oil,gold).
-labour is The physical and mental effort needed to produce goods and services (Ex.agriculture workers to produce food.)
-People are needed to do labour. If there is no effort to produce goods, resources and needs won't be fulfilled.
-capital is The money that people own or borrow, used to purchase tools and other resources to produce goods and service. - 8what is an economic system?An economic system is a system of production, resource allocation, and distribution of goods and services within a society or a given geographic area. Different ideas about how best to organize an economy result in different economic systems.
-An economic system’s position on the continuum is dynamic, and depends on the underlying values of a society and its government. - 9what are a left wing and right wing governmentLeft-wing beliefs are liberal in that they believe society is best served with an expanded role for the government. People on the right believe that the best outcome for society is achieved when individual rights and civil liberties are paramount and the role and especially the power of the government is minimized.
- 10what is a planned economy?-The government makes all the decisions about how to solve scarcity.
-Owns and manages the resources needed to produce things.
-Plans what will be produced and decides how to use limited resources.
-Resources are publicly owned.
-Government makes decisions on how to use resources.
-Consumers have little influence on economic decision making. - 11what is a Mixed Economy-Combines private ownership and government control.
-Ex. Private business own some resources and the government owns others.
-Level of government involvement changes, depending on the political party.
-Some resources are publicly owned, some are privately owned.
-Individuals and government both make decisions about what to produce.
-Individual consumers and government influence economic decision making. - 12what is a Market EconomyChoices of individuals solve scarcity.
-Private business own and manage resources, they sell their products to consumers, who make their own decisions about what to buy.
- Will succeed if they produce what consumers want.
-Otherwise, they fail, the government does not get involved.
-Resources are privately owned.
-Individuals make decisions on how to use resources.
-Individual consumers drive economic decision making by choosing what to buy. - 13what does Canada's government look like?-Founding Principle: “Peace, order and good government”
-Reflects the idea of cooperation, connects to the agreement of francophones and anglophones.
-Idea of cooperation affects Canada's economic system.
-Ex. Government plays important role in economy, making decisions on behalf of everyone.
-Mixed, cause of role that the government plays, but individuals still own private property.
-Position on continuum is not static, shifts left or right depending on which political party is in power. - 14what is a crown corporation-Company owned by Canada's government, to provide products and service to Canadians.
-Included and created to:
-Provide essential service.
-Promote economic development.
-Support Canadian culture and identity.
-Canada has a mixed economy because of this.
-Canada has many more publicly owned corporations.
Crown corporations from Canada’s past and present:
-Air Canada-owned and managed by the Federal government, parliament decided to privatize the airline, sell it to private investors.
-Petro-Canada-Compete with foreign owned companies in developing Canada’s oil and gas resources, is owned by private investors.
-CBC/Radio-Was created to promote bilingualism in Canada, promote Canadian culture as distinct from American culture. - 15mixed and market economies-The individual choices of the consumer are an important economic force.
-Add up to create overall economic decisions for society.
Pure Market Economies:
-Consumer choices drive all economic decision making.
Mixed Economies:
-Drive a lot of economic decision making. - 16what are supply and demand-Connect through a cause-effect relationship related to price.
-Affect quality of life, affect prices of products we buy, availability, and jobs connected to creating products.
-Supply is about producing things others want.
-Involves Producers.
-Demand is involved what people want.
-Involves consumers.
Diagram:
Equilibrium:
-In this state, the supply of a product meet the demand for a product at a particular price.
Demand Goes Up:
-It means more and more consumers are buying the product.
-As they buy them all up, supply or availability of the product drops.
-This drives up the price, because more consumers compete for the limited supply of products.
Price Goes Up:
-Price goes up and fewer consumers can afford to buy it.
-Demand for product drives down.
-Supply and availability increases, as fewer consumers buy the product.
Supply Goes Up:
-More products are available.
-If supply is more are available, consumers want to buy, producers cut prices to encourage.
-Lower price encourages consumer to buy more, so demand goes up.
Equilibrium is Restored - 17what is competition?-Producers striving to get consumers to buy their products.
-Producers attract consumers in many ways.
-Price, product quality.
-Many factors can affect competition in an economic system.
-Values of consumers, decisions by the government to become involved in decision about supply and demand.
Example of Competition:
-One donut shop has 5 types of cheap, machine made donuts, the other has hand-made, and high-quality ingredients, it makes 13 types of donuts, for a higher price. - 18what are 5 factors that influence consumer behaviorIdentity
Health and Safety
Jobs
Environment
Marketing - 19what are the 3 factors of productionCapital
Land
Labour - 20what are some measures of economic growthHow much profit a country’s economy is making from the goods and services that is provides
How many people have jobs and are making an income
If profits start to fall, or less people have jobs it usually indicates that a country’s economy is shrinking rather than growing and expanding - 21how to analyze advertising1. Bandwagon effect
Encourages you to buy a product or service because everyone else is
2. Emotional appeal
Uses strong emotional language that connects with your fears and desires
3. Glittering generalities
Relates the product or service to words or images that promise everything, but deliver little or nothing
4. Plain folks appeal
Relates a product or service to the experience of ordinary people
5. Testimonials
Uses celebrities or experts to speak for a product
6. Scientific appeal
Uses statistics or scientific data to persuade consumers to buy a product or service - 22Privately OwnedIn economics, the part of the economy and controlled by business and individuals.
- 23Publicly Owned:In economics, the part of the economy owned and controlled by the government and paid for by taxes.
- 24Public Good:What’s best for society as a whole.
- 25Shift Left:A shift on the economic continuum towards more government involvement in the economy. A shift left is usually described as taking a more liberal position.
- 26Shift Right:A shift on the economic continuum towards less government involvement in the economy. A shift right is usually described as taking a more conservative position.
- 27Consumer:Those who use products and services.
- 28Demand:The wants and needs of consumers for products and services.
- 29Producers:Those who create products and services.
- 30Supply:The products and services created by producers.
- 31Competition:In economics, rivalry among producers to sell products to consumers.
- 32Unemployment Rate:The percentage of the workforce that does not have a job.
- 33Strike:A stopping of work by workers. Strikes pressure employees to respond to issues that concern work.
- 34labour unionorganization of workers that acts to protect workers rights and interests.
- 35Collective Bargaining:Negotiating as a group. Collective bargaining is the key right established by unions for workers. Negotiating as a group. Collective bargaining is the key right established by unions for workers. vNegotiating as a group. Collective bargaining is the key right established by unions for workers. Negotiating as a group. Collective bargaining is the key right established by unions for workers. Negotiating as a group. Collective bargaining is the key right established by unions for workers.
- 36Consumerism:An economic theory that says the more people buy products, the better it is for the economy. Economies that are based on consumerism, the behaviour of the consumes plays a key role in economic decision making.
- 37Boycott:A decision by consumers to stop buying a product or service as a way to bring about change.
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- Fichas sobre Sin título, creado por Seth Krawchuk el 23/11/2017.
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