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Overall conclusion of assignment.

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When it comes to the market we must ask ourselves 3 questions:
What must we produce based on societies needs?
How should we produce it based on resources?
From whom should we produce it based on population and available markets? https://www.youtube.com/watch?v=KccMcf_xOQU

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Supply and Demand had to be together because the correlate so much in the sense that they make economies work. Together they determine the price of a good, and the quantity being sold in the market.
https://www.youtube.com/watch?v=uXlZIn6W7Ew

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Website #3: Supply and Demand in the Health Care system

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Website #3: Supply and Demand in the Health Care system

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Supply and demand reach equilibrium over time. Supply and demand work inversely in the sense that if supply is low, demand is high, making prices higher and vice versa. When it comes to the healthcare system, that is not always the case as there is a strong demand for medical services such as lengthy wait times for operations, and many people on the list to be aided too; at the same time, only 22% of graduates last year were able to find positions. This shows a market dysfunction. Since consumers don’t directly pay for health care, the Government decides by determining the level of supply with no price mechanism, this results in long wait times with unmet demands. - market dysfunction.

http://www.ttlhealthlaw.com/health-law-blog/details/health-law-blog/2015/08/05/the-canadian-health-care-system-and-the-principle-of-supply-and-demand

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The Canadian Health Care System and the Principle of Supply and Demand

One of the basic tenets of economics in a free market system is the concept of supply and demand. Generally speaking, supply and demand reach equilibrium over time. If supply is "low" or demand is "high", the result will be higher prices, thereby "balancing" supply and demand. This is the "equilibrium point". Similarly, if supply is "high" or demand "low", prices will fall until the equilibrium point is reached.

Over time, the market system results in a more efficient, productive allocation of scarce societal economic resources. For instance, if the supply of a given good or service is low and the price high, producers will be enticed to increase production, thereby increasing supply and reducing the price, until the equilibrium point is reached. On the other hand, if there is ample supply and a low price, producers will reduce production, thereby reducing supply and ultimately increasing the price, again until the equilibrium point is reached. In each case, scarce economic resources are either brought into the industry, generally from less productive applications, or they leave the industry, generally to more productive applications. In this way, the optimal level of production is reached utilizing the least economic resources. This system applies to the free market, but not to Canada's socialized health care system.

In an article published recently in the National Post, health-care reporter Tom Blackwell described a situation that defies rational economic theory. Despite strong demand for medical services, evidenced by lengthy wait times and frustrated patients, large numbers of qualified and eager medical school graduates are unable to find jobs. For example, of ENT specialists who graduated last year, 78% failed to find positions. Yet, despite the availability of these highly skilled physicians, Ontarians still wait, on average, 164 days, or more than five months, for ENT-related surgery.

This situation begs the question as to why the supply of available medical school graduates is not matching patient demand. The primary reason is that this is yet another unfortunate example of market dysfunction in Canada's largely socialized health care "industry". Government funded health care is not paid for directly by consumers. Hence, there is no price mechanism. Instead, provincial governments call the shots, by determining the level of supply, in a Soviet-style planned system. The result is long wait times and unmet demand, just like the market for consumer goods in the defunct Soviet Union.

The costs associated with Canada's current dysfunctional health care system are significant. Medical school graduates remain unemployed and unable to service the debt they incurred during their training. Without the opportunity to practice, they risk seeing their hard-earned skills deteriorate. Patients bear a cost as they live in discomfort, while their conditions worsen, waiting for government gatekeepers to grant them access to treatment. Many of them are unable to work or to work productively. In this regard, according to a 2012 study published by the Fraser Institute, wait times in Canada cost Canadians as much as $3 billion in lost time and productivity. In addition, Canadian taxpayers, who have subsidized doctors' education costs, lose out on this investment as these people sit idle.

Until Canada, the only free market jurisdiction in the world that prevents the provision of and payment for private health care, allows some form of market-based health care to co-exist, serious problems will continue to occur. Contrary to what its opponents assert, private health care will not imperil universal health care. Rather, allowing a parallel free market system, similar to what is currently permitted in many other countries, including Belgium, France, Germany, Japan, Korea, Luxembourg, Switzerland and the Netherlands, would, in the public system, reduce wait times, improve access to resources and raise the quality of care. And those who access the private system will have their health care needs met in a timely fashion.

The health care landscape has changed dramatically since socialized health care was first introduced in Canada, making some sort of reform inevitable and unavoidable and indeed we are already beginning to see the seeds of change. There are, for example, potential opportunities for physicians in the limited private space that is available in Ontario, such as free standing surgical units and niche treatments that are not covered by the public system. These forays into market-based alternatives will grow over time, because the current socialized system is unsustainable.

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The Canadian Health Care System and the Principle of Supply and Demand

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One of the basic tenets of economics in a free market system is the concept of supply and demand. Generally speaking, supply and demand reach equilibrium over time. If supply is "low" or demand is "high", the result will be higher prices, thereby "balancing" supply and demand. This is the "equilibrium point".

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Bartering, also known as a trade off. Trade Offs: what we sacrifice when we choose one thing over another. Here is a picture of animated men. One has a chicken, the other, a surplus of fruits, between the both of them, they are making a trade off in which one person is sacrificing something for something else. In reality, your sacrifice may not always be detrimental just depending on how you view it. For example, in this picture, the man with the crate of apples is trading a lot of apples for 1 chicken, it may look like he’s losing because he is giving away so much, but you never know if he has lots more fruits with no meat, therefore giving him a reason to want to trade. This is often the case in a buyers and sellers market.

http://studypoints.blogspot.ca/2011/11/what-is-barter-system-what-were-main_4556.html

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Website #2: Worry about Supply, Not Demand

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Website #2: Worry about Supply, Not Demand

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Toronto and Vancouver, being the 2 hottest markets at the center of concern are driven by supply constraints. Everyone from brokers to builders are looking towards policy makers to focus less on demand, and more on supply. New housing supply in Toronto are at extreme low levels having fallen 22% from 2015 for low-rise homes, making it the lowest since 1995, whilst single-detached homes fell 18% making it the lowest since 1978.

http://business.financialpost.com/personal-finance/mortgages-real-estate/worry-about-supply-not-demand-in-canadas-overheated-property-market-says-former-boc-governor-david-dodge

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In 2006, in the middle of one the hottest years on record for Canadian housing, then Bank of Canada Governor David Dodge sent a testy letter to his counterpart at the country's mortgage insurer warning about lax standards fueling demand for homes. Today, Dodge has new words of caution: worry more about supply.

"It's not very complicated: there's a supply curve, there's a demand curve. If you restrict that supply curve then don't be surprised by high prices," said Dodge, who over four decades as a public servant worked at the Canada Mortgage and Housing Corp. and headed both Canada's finance department and its central bank.

While Finance Minister Bill Morneau's recent measures to cool Canadian housing markets are only the latest in a decade-long effort to stem demand, beginning with Dodge's letter, they have also begun to reveal something else: the federal government's waning ability to solve the problem.

The two hottest markets at the center of concern, Toronto and Vancouver, are increasingly driven by supply constraints that federal officials can do little about. Blanket nationwide efforts to curtail demand meanwhile threaten to slow already weak markets in other parts of Canada. The bigger culprit may be local politicians' reluctance to foster housing development, Dodge said, not availability of mortgage insurance.

"I would have thought we were getting to a point now in the mortgage insurance arrangements that are pretty, let's call them, more or less neutral," Dodge said in a telephone interview. "There's lots of markets in this country where prices are not rising that rapidly."

The most recent measures - a combination of tougher qualification rules for home buyers and proposed loss-sharing with banks - were announced early last month, and the first bits of housing data show no evidence of an immediate impact, particularly in Toronto. Benchmark housing prices - calculated by the Canadian Real Estate Association - were up 2 per cent in October in Canada's biggest city and have gained 18 per cent over the past 12 months. In Vancouver, where prices did decline in October, prices are still up 28 per cent over the past year.

That contrasts dramatically with markets in most cities outside of lower British Columbia and the "Golden Horseshoe" around Toronto, where prices have been flat or negative.

This helps explain the cool reception Morneau has received.

The big banks, who largely endorsed the last major move in 2012, expressed concern this time. Just about everyone in the industry - from brokers to builders - are pleading for policy makers to turn their attention to supply instead of demand.

While Morneau says he was compelled to act for financial stability reasons, the supply issue hasn't been lost on him. Finance officials tried to persuade the British Columbia and Ontario governments to take steps to increase home supply as part of a more comprehensive effort, but have so far received little interest.

New housing supply is particularly acute in Toronto, where the number of low-rise homes built in the city fell 22 per cent in 2015 from a year earlier to 12,156 units. That's the lowest since 1995. Completions of new single-detached homes fell 18 percent to 7,871 units in 2015, the lowest since 1978.

New home completions in Vancouver have been doing better - within the average of the past 15 years - but even here remain below long-term historical levels. Including the demolition of older homes however, the Canadian Homebuilders' Association estimates the stock of low-rises in Vancouver is actually down 20 per cent from 10 years ago.

"The statistics speak for themselves. Builders are building as much as they are allowed to build," said Kevin Lee, chief executive of the Ottawa-based advocacy group, who thinks Morneau's measures will be counterproductive. Federal government blanket rules "are not the way to deal with this."

Federal officials have been tinkering with the availability of government insurance for at least 50 years, but nothing to the extent of the past decade.

The stock of low-rises in Vancouver is actually down 20 per cent from 10 years ago

Dodge was forced to respond 10 years ago to then-Finance Minister Jim Flaherty's decision to allow the country's mortgage insurers to cover no-money-down, 40-year amortized mortgages.

Since then, federal officials - from Dodge to his successors Mark Carney and Stephen Poloz and now Prime Minister Justin Trudeau - have agonized over the issue. Flaherty, who said privately he was embarrassed by the initial loosening step, would later reverse course and rally the tightening charge.

The net result has been a Canadian government that has become hardwired to worry about the problem - the heads of all the main regulators after all are veterans of a financial crisis that was rooted in a U.S. housing bubble.

The question is whether the pendulum has swung too far, especially as Morneau considers forcing lenders to share in losses associated with defaulted mortgages - a part of the system considered hallowed ground for the industry. After all, the 100 per cent guarantee is designed to ensure banks continue to lend even when house prices plummet, something Dodge says will happen at some point.

"It is conceivable there could be further tightening rules but I think the issue is going to come when all of a sudden one of these markets go sour and there is a desire on the part of government to encourage home ownership again," Dodge said.
Bloomberg News

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Worry about supply - not demand - in Canada's overheated property market, says former BoC governor David Dodge

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In 2006, in the middle of one the hottest years on record for Canadian housing, then Bank of Canada Governor David Dodge sent a testy letter to his counterpart at the country's mortgage insurer warning about lax standards fueling demand for homes. Today, Dodge has new words of caution: worry more about supply.

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Resources: Land, Labour, Capital and Materials - also known as a supply of goods or services that country uses. Resources, falling into one of those 4 categories can be many things. For example, when it comes to Land, we have many resources, whether that be: plants, livestock, sun, water, trees etc. Then there is also the labour aspect of resources, physical and intellectual abilities fall into this category. For Capital, it is anything that is manufactured, whether it be a school being built, or all the new ideas that are now put into the world through the learning environment. Overall, resources are essential in the market.
https://www.youtube.com/watch?v=0PgP0dXAGAE

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Here is a picture of now retired basketball legend Kobe Bryant on his NBA draft day back in 1996. Oppourtunity Costs was a major factor that Kobe had to consider before he entered the draft. In that picture, Kobe Bryant is 18 yrs old. Kobe never went to college because of the oppourtunity costs in front of him, he was faced with 2 decisions: go straight to the NBA out of high school and get paid millions of dollars but with no post-secondary education, or go to college/university, play basketball for 4 years, risk potentially getting injured and not playing professionally, but having a degree to fall back on. Kobe decided that the best trade-off for him would be no education, but a 20 year career of playing professionally.
http://www.cbssports.com/nba/news/kobe-bryant-and-the-draft-day-trade-that-changed-nba-history/

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Website #1: The difference between Buyers and sellers in a Market

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Website #1: The difference between Buyers and sellers in a Market

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When it comes to the market, there are different types: Buyer's, Seller's, and Balanced. Each play a significant role in how the market is affected. Using the example of houses, the different types of markets can be explained as such. The buyers market is when there are more homes being put up for sale then there are buyers to purchase them. This causes the buyers to have more houses to chose from, house prices that are stable or decreasing, and better leverage when negotiating because you have more to choose from. The seller's market would be the inverse of the buyer's market with there being more buyers looking for houses than actual houses that are available. A balanced market is when the market is on level playing grounds. Essentially, the amount of homes for sale is basically equivalent to the amount of buyers and vice versa. This causes equal competition between buyers and sellers.

http://blog.remax.ca/difference-between-a-buyers-and-sellers-market/

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When you begin the home buying or selling journey, there may be several terms used that you're unfamiliar with. Buyer's market? Seller's market? Balanced market? To help get you started, we've broken down the difference between a buyer's market and a seller's market below.

Buyer's Market: There are more homes on the market than there are buyers.

In this type of market, buyers will spend more time looking for homes. There are more homes on the market, giving the small number of potential buyers more to choose from. The prices of homes can be stable or perhaps dropping. Sellers will find that buyers have stronger leverage when negotiating.

Seller's Market: There are more buyers than there are homes for sale.

With fewer homes on the market and more buyers, homes sell quickly in a seller's market. Prices of homes are likely to increase, and there are more likely to be multiple offers on a home. Multiple offers give the seller negotiating power, and conditional offers may be rejected.

Balanced Market: There are the same amount of homes for sale and buyers.

When there is equal competition between buyers and sellers, this means that there are reasonable offers given by buyers and homes sell within a reasonable time. With less tension between buyers and sellers, the prices of homes remain stable.

Before buying or selling a home, it is important to find out what type of market you are entering into. Your listing price, negotiations and expectations will all be affected depending on whether it is a buyer's market or a seller's market.
Talk to a real estate agent: Our RE/MAX agents are always willing to help with all of your real estate questions. They not only know the l ocal market inside and out, but they have experience pricing and selling homes in your area. Visit remax.ca to get in touch with a local RE/MAX agent.

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What's the Difference Between a Buyer's and Seller's Market - Guide You Home

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When you begin the home buying or selling journey, there may be several terms used that you're unfamiliar with. Buyer's market? Seller's market? Balanced market? To help get you started, we've broken down the difference between a buyer's market and a seller's market below.

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Economics: the study of the use of scarce resources that have alternative uses. When it comes to understanding economics we must understand this: humans have infinite desires, with not so infinite resources. Resources are required to to fulfill desires. In today's modern economics, economists use various tools to help aid in understanding the human behaviour. Human behaviour is observed through crime, family, culture/religion, politics & etc. all of these variables play roles in how the economy is affected.
https://www.youtube.com/watch?v=2YULdjmg3o0

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Here a picture of Rich Uncle Pennybags, also known as Mr. Monopoly. Looking at what exactly a Monopoly is from an economical standpoint will show you that "Monopoly is  having exclusive control over a product or service in a particular market, thus making it possible to alter prices of product and or service." In the competitive market where buyers and sellers interact to determine prices, no individual buyer or seller can influence the price. When it comes to monopoly, that is not the case.
http://legendsofthemultiuniverse.wikia.com/wiki/Mr._Monopoly

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How Consumers and Sellers play a pivotal role in the economy.

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Sellers and Consumers in the Market                      By Roussel Junior Fiawotso

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Sellers and Consumers in the Market                      By Roussel Junior Fiawotso