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The main focus of the padlet is scarcity in economics! This padlet will help you better understand what scarcity in economics is and how it is affecting canadian lifes. I hope you enjoy the padlet!

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What Is Scarcity in Economics (With Examples and Definition)

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This article explains the basic idea of scarcity, which is when we have more wants than we have stuff to satisfy them. It shows how this forces people, businesses, and even governments to make choices about how to use their limited resources wisely. The article uses simple examples, like deciding whether to buy food or go to the movies, to show how scarcity affects our daily lives. It also explains how scarcity influences things like prices, how much stuff is available, and the overall health of the economy.

This website is great because it explains scarcity in a simple way that anyone can understand, even if they don't know much about economics. I really liked how it shows how scarcity affects our everyday decisions, like what we choose to buy. This makes it easy to see how scarcity affects real people and businesses, which is something other websites don't always do.

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The Abacus Data article looks at the economic shortages affecting Canada and how they impact the cost of living and people's feelings. It shares survey results showing that Canadians are worried about not having enough important things like housing, food, and energy. The article explains that these shortages are making inflation worse and creating uncertainty in the economy. It also discusses how people feel about the government's actions to address these problems and their views on the overall state of the Canadian economy.

This website interested me because it uses data to analyze scarcity in Canada and shows how people's opinions reflect the country's economic problems. The survey results about how Canadians feel about shortages were very helpful, giving a real sense of how scarcity affects their lives. This makes it different from other sources I've seen, as it emphasizes public feelings and real-life impacts instead of just theories. The connection between survey data and economic issues offers a unique way to understand how scarcity affects many people.

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By David Coletto

In its early October edition, the Economist put a spotlight on what it called the "shortage economy" and argued that "scarcity has replaced gluts as the biggest impediment to growth."

As a public opinion and social researcher, I was of course intrigued.

And so, at the beginning of this year, I conducted a large national survey of Canadian adults (n=2,210) and explored several aspects of the economic and social experiences that the shortage economy may be having on Canadians.

Specifically, I wanted to try and answer two questions. How are Canadians experiencing the shortage economy and what does it mean for leaders?

This data is also part of a webinar I'm delivering with TEC Canada later today.

In my view, supply chain disruptions, empty shelves, and rising prices are a core part of the shortage economy. However, we also have to consider the impact of labour shortages, worker fatigue and burnout, and how all these factors are impacting both consumers and citizens (from a political perspective).

The implications of this research are pretty clear.

1. Obviously, we will need to start learning to do more with less.

2. But we need to also recognize that employees and workers are empowered (even if they don't know it yet) and are coming to work with a different frame of mind. Many are tired, burned out, and looking for real meaning in their work.

3. The customer experience has also changed. Labour and product shortages mean wait times are longer and full of friction than many have come to expect. The rapid shift to e-commerce has raised the bar to a standard that many brick-and-mortar retailers and service providers are having a challenge matching.

4. We are moving more sharply into the politics of inflation - where public concerns focusing on the cost of living and the ability of political leaders to deliver relief are juxtaposed with budget deficits and fears of stoking inflation even more.

Overall, this is a very challenging environment to lead.
SHORTAGE ECONOMY: THE LABOUR MARKET
Although the "Great Resignation" took hold in the United States, evidence suggests the same phenomenon has not yet happened in Canada.

Labour participation rates rebounded far quicker in Canada and our labour market tightness (number of job vacancies per job seeker) is nowhere near where the United States is.

Moreover, Statistics Canada's Labour Force Survey finds that the number of Canadians leaving their jobs voluntarily and because they are dissatisfied with their work, is much lower than it was at the start of the pandemic. It's clear we aren't seeing a "Great Resignation" in Canada.

In my survey, 18% of employed Canadians said they changed jobs in the past 12 months, including 9% who said they quit a job even when they didn't have another one lined up. This behaviour was much more common among those under 45 - with 16% of 18 to 30-year-olds saying they quit without another gig ready.

But more interesting in my data is the reason why people changed their jobs. Going beyond "dissatisfaction" as the Statistics Canada survey measures, I found that the top reason for job changers was they "needed a change - the work they were doing wasn't interesting". More than 60% of job changers cited this as a reason and it was the top reason for workers over and under 45 years old.

Younger job changers were more likely to report being offered more money - logical given younger workers are more likely to seek higher wages and promotions. But they were also more likely to report wanting more flexibility. Six in ten job changers under 45 reported the desire for more flexibility as a reason why they changed jobs. This is not new, but a preference the pandemic has made more possible than ever.

But it's not just job switchers or a tight labour market that is impacting productivity and workplace culture. Millions of Canadians are feeling burned-out.

In my survey, 1 in 3 Canadians felt they were currently feeling burned out, including 44% of those under 45. To add some context, that's 10 million or so people feeling burned out, just after the holiday season when many had the opportunity to rest and recharge.

What does burnout look like? Most working Canadians agree that "there are days when I feel tired before I arrive at work" and half of those under 45 agree "it happens more and more often that I talk about my work in a negative way."

If we haven't yet seen a Great Resignation in Canada, these numbers suggest it could still come.
SHORTAGE ECONOMY: GETTING WHAT WE WANT AND NEED AND PAYING MORE FOR IT
We all know that the pandemic severely disrupted supply chains and Omicron has made things even worse. Everyone has an anecdote of how long it's taken to get a new fridge, car, or even hire someone to renovate their home. These experiences are widespread, according to my survey.

Almost half of Canadians say they couldn't get a product they wanted in the past 12 months because of a shortage or that product being temporarily unavailable.

Furthermore, 84% say this experience has been happening more often than usual.

While this presents itself as an opportunity for new brands to connect with consumers, it also forced consumers to wait, something they don't appreciate all that much and likely left them feeling dissatisfied with the brand and retailer. For others, they simply didn't buy the product, perhaps spending that money on something else.

Disruptions like these were widespread and occurred across both product categories and services.

The chart below reports the estimated number of Canadian consumers (18+) who report being impacted by supply shortages. Millions of Canadians either experienced delays or didn't get what they wanted at all when it came to furniture, major home appliances, meat products, lumber, or a new car. As someone in the market for a new road bike, I empathize with the 1.4 million Canadians who could not get that new bike they wanted thanks to a global bike component and parts shortage.

But the lack of supply didn't just leave consumers frustrated, it also caused prices to rise in many consumer product categories. The cost of living is going up at its fastest pace in three decades, but more important than actual increases are the perceptions that prices are rising.

Most Canadians believe the price for many food products, gas, housing, consumer products, and even personal hygiene products are rising. Many also think the price they are paying for services such as the trades, financial services, and professional services are also increasing.

While people believe prices are rising quickly, few report their household income rising. Only 1 in 4 Canadians say their household income has increased in the past year, while a similar proportion feel their incomes have actually decreased.

The shortage economy in Canada has left many consumers dissatisfied - either because they couldn't get a product or service they wanted or because they are now paying more for less.
THE DEATH OF CUSTOMER SERVICE?
But interestingly, the impact on the perceived quality of customer service has not been overly negative for most people.

I asked respondents: "Compared with a few years ago, has the overall customer service you've received from the following types of organizations improved, worsened, or stayed the same?"

For the most part, Canadians feel that service quality has stayed about the same. Service evaluations of airlines, government departments, and restaurants are worst, while many people feel that the experience online or through e-commerce has improved.

There's a lot to unpack in these numbers but for me what stands out is that businesses who have faced labour shortages and severe changes to the overall experience (think restaurants and airlines) are seen as weaker while e-commerce and online retailers have been able to improve on the experience overall. This means that the acceleration in e-commerce use over the course of the pandemic may stick around, as consumers met an improving experience while brick-and-mortar retailers were static and constrained by capacity restrictions, social distancing, and other COVID-created challenges.
THE SHORTAGE ECONOMY: CAN GOVERNMENTS DO ANYTHING?
The bad news, beyond the health, social, and economic disruptions caused by the pandemic, is that citizens believe governments can do something to help deal with inflation, labour shortages, and even supply chain disruptions. Whether or not those expectations are misplaced, the perception that government intervention can help solve these issues means that governments and political leaders need to be seen caring about these issues and doing something about them.

Take the federal government for example. When asked how well the federal government is doing dealing with inflation, labour shortages, product shortages, and supply chain disruptions, views are quite mixed. The federal government gets higher negative evaluations on inflation (59%) than the others. But in no area do more than 17% feel the federal government is doing an excellent or good job.

When it comes to inflation specifically, do Canadians think the federal government decisions impact inflation as the Conservative opposition has been claiming?

Well, most do. When asked to choose between two statements, 58% felt federal government decisions have had a big impact on inflation in Canada while 42% felt inflation "is being caused by global factors outside the control of the federal government." In reality, I assume both could be true but I was interested to see where the public was more likely to fall.

And while supporters of the opposition parties are more likely to think the federal government did have a big impact on inflation, 4 in 10 Liberal voters feel the same way, suggesting this view isn't entirely caused by partisanship.

So, if most think the federal government had a big impact on inflation, do people think they have helped or hurt the situation? Most (54%) think federal government decisions have made inflation worse compared with 11% who think its decisions have made inflation better.

In total then, 41% of Canadians believe the federal government has had a big impact on inflation and has made it worse. More troubling for the Trudeau government in all of this - 17% of these folks voted Liberal in 2021 and represent 7% of the electorate.

So what's the best policy? I'll leave that to the experts. But from the public's perspective, when asked whether increased prices for goods and services or increased interest rates would be worse, increased prices won by a long shot. 72% said increased prices would be worse for them personally compared with 17% who felt increased interest rates would be less desirable. Those who own a home and those with higher incomes were slightly more likely to fear interest rate hikes, but even among those groups, price increases were perceived to be the greater pain point.
THE UPSHOT
Abacus Data CEO, David Coletto:
The shortage economy is clearly here. Labour shortages, burned-out workers, and supply chain disruptions are part of the everyday experience for Canadians. Millions haven't been able to buy the bike, fridge, or new sofa they wanted or needed and many feel the customer service they've received from their favourite restaurant, airline, or retailer has gotten worse.
How do leaders respond to this new economic and consumer/citizen opinion environment?
First, I think we all need to lead with compassion and engagement. While there is no Great Resignation in Canada, employees and workers are more powerful than they have been in a long time. More and more, especially younger workers, are looking to be fulfilled at work. They want their work to mean something. They want or even demand employers who care, listen, and respond compassionately. Engage more regularly with your teams and workforce. Measure their attitudes and perceptions and demonstrate you're listening.

Second, I think all businesses - whether in retail, food service, or even professional or financial services - need to approach customer service with a hospitality mindset. Take a page from a legend, restauranteur Danny Meyer, and empower your teams to deliver enlightened hospitality to your clients, suppliers, and stakeholders. Your organization will be facing consumers, customers, and clients who will be asked to pay more and often for less. Improving the experience is critical. To do so, you have to understand what they want, what they expect, and how best to deliver value in a shortage economy.

Finally, for policymakers and political leaders - ignoring a problem because your choices had very little impact on the problem is not good enough. The public expects empathy and responsiveness from our government and elected representatives. If people say the cost of living is a real problem, don't explain it away. Respond with something. For the Trudeau government, most already feel it can impact inflation and almost half think it has made things worse. If you continue to ignore or ineffectively respond to what people are feeling, they will look for someone else who doesn't.

Don't forget to tune into my TEC Canada webinar on this subject today or reach ou t if you have any questions or would like to connect.
METHODOLOGY
The survey data used in this study is from a national online survey of 2,210 Canadian adults from January 7 to 12, 2022. A random sample of panelists were invited to complete the survey from a set of partner panels based on the Lucid exchange platform. These partners are typically double opt-in survey panels, blended to manage out potential skews in the data from a single source.

The margin of error for a comparable probability-based random sample of the same size is +/- 2.1%, 19 times out of 20.

The data were weighted according to census data to ensure that the sample matched Canada's population according to age, gender, educational attainment, and region. Totals may not add up to 100 due to rounding.

Abacus Data follows the CRIC Public Opinion Research Standards and Disclosure Requirements that can be found here: https://canadianresearchinsightscouncil.ca/standards/
ABOUT ABACUS DATA
We are the only research and strategy firm that helps organizations respond to the disruptive risks and opportunities in a world where demographics and technology are changing more quickly than ever.

We are an innovative, fast-growing public opinion and marketing research consultancy. We use the latest technology, sound science, and deep experience to generate top-flight research-based advice to our clients. We offer global research capacity with a strong focus on customer service, attention to detail and exceptional value.

We were one of the most accurate pollsters conducting research during the 2021 Canadian election following up on our outstanding record in 2019.

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Abacus Data | The Shortage Economy in Canada and What it Means for Leaders

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By David Coletto In its early October edition, the Economist put a spotlight on what it called the "shortage economy" and argued that "scarcity has replaced gluts as the biggest impediment to growth." As a public opinion and social researcher, I was of course intrigued.

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This RBC article talks about what's holding Canada's economy back. It points to things like slow productivity, an aging population, and unequal growth across different parts of the country. The article says these problems are making Canada's economy stagnate because we don't have enough skilled workers and we aren't using our resources well. It suggests that Canada needs to make some big changes and invest wisely to fix these problems and grow its economy in the long run.  It also says that by tackling these challenges, Canada can become more competitive in the global economy.

This website is great because it explains how big economic factors like scarcity affect Canada's growth. I liked how it talked about how Canada's aging population is causing a shortage of workers. This is a good example of how scarcity, especially a lack of skilled workers, can hurt the economy. This website is different because it shows how population changes can affect the economy, which helps us understand how scarcity impacts the whole country.

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Canada’s Growth Challenge: Why the economy is stuck in neutral - RBC Thought Leadership

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Canada has a growth problem. The economic momentum that propelled the country through the 20th century has faded in the…

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Canada's facing a housing affordability crisis, with limited supply, high demand, and inadequate infrastructure creating a shortage of affordable homes, especially in cities. The government's Canada Housing Plan aims to address this by increasing housing supply, providing financial support for first-time homebuyers, and making rental properties more affordable. The plan emphasizes collaboration between different levels of government and the private sector to ensure everyone has access to affordable housing, particularly in regions with the most significant shortages.

This website is useful because it shows how the lack of housing affects real people in Canada, using the government's perspective. I liked that the report explains how the government wants to solve the problem by building more homes and making it easier to find affordable places to rent. This focus on practical solutions makes it different from other resources that just talk about the theory of scarcity without offering real solutions.

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Housing, Infrastructure and Communities Canada - Solving the Housing Crisis: Canada’s Housing Plan

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Canada’s Housing Plan is making housing more attainable and affordable for Canadians, because everyone deserves a place to call home.

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This video explains how there's not enough of everything to go around, which is called scarcity. It shows how this forces people, businesses, and even governments to make choices about what to use and what to give up. The video uses real-life examples to show how scarcity affects our decisions, like choosing how to spend money or what products to make. It also explains how scarcity can lead to higher prices and the need to make trade-offs, showing how it impacts the supply and demand of goods and services.

This video does a great job of explaining scarcity in a simple way. It shows that because there's not enough of everything to go around, we always have to make choices. Every choice means giving up something else. This makes the idea of scarcity relevant to our everyday lives, which is something many other resources don't do. The video uses examples we can all relate to, which helps understand how scarcity affects the world around us.

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Scarcity and Opportunity Cost | Economics Explained

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This video talks about how we don't have enough of everything to go around. This means we have to make choices, and every choice means giving up something else. The video shows how this idea affects everyone, from individuals to businesses and even governments. It uses examples like limited time or money to show how we all have to deal with this.

This video did a great job of explaining how we don't have enough of everything, like time and money. It used examples that were easy to understand, and it helped me see that scarcity isn't just about money, but also about how we use our time. It made me think about scarcity in a new way.

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Why Canada is Collapsing: Nobody Can Afford To Live

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This video explains that we don't have enough of everything, like food, water, or even people to do jobs. This means we have to choose what's most important and make decisions about how to use our resources. The video shows how this affects prices, what gets made, and how much we buy. It also explains that every choice means giving up something else, so we have to be careful about how we use our resources.

This video explained scarcity in a way that was easy to understand. It used lots of different examples to show how it affects our lives. I liked how it explained opportunity cost, which means that every time we choose something, we give up something else. This made the idea of scarcity more real because it showed how it affects our everyday decisions. The video also used pictures and examples to help me understand how important scarcity is.

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Canada’s Massive Shortage of Family-Sized Homes + Is Canada’s Economy About to Get a Lot Worse?

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This video is about scarcity, which means we don't have enough of everything we want. It explains that because of this, we have to make choices about what's important. For example, we only have so much time and money, so we have to decide how to use them wisely.

This video helped me understand scarcity, which is the idea that we don't have enough of everything we want. It explained how our choices have consequences, because we can't have everything. The video used examples like spending time or money, which made it easier to understand how scarcity affects our everyday lives.

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Scarcity | Basic economics concepts | Economics | Khan Academy

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The image says that "scarcity" happens when people want more than there is. It provides examples, such as water shortages in arid regions, which force communities to prioritize usage, and hospital bed shortages during health crises, which require allocating limited healthcare resources effectively.

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This map shows how much water Canadians are taking from rivers for things like drinking, farming, and industry. The colors show how much water is being used in different parts of the country:

- Green: Less than 10% of the water is used.

- Yellow: 10-20% of the water is used.

- Orange: 20-40% of the water is used.

- Red: More than 40% of the water is used.

Cities like Calgary, Regina, and Winnipeg are in red areas, meaning they use a lot of water. This means these cities might have problems with water shortages in the future. The map helps us see where water use is high and where we might need to be careful about using water wisely.

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1. What did you learn about your topic that surprised you the most?

I was surprised to learn that not having enough of things is a big problem, even for things like hospital beds and energy. It made me realize that lots of problems in the world are all linked together.

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2. Provide a real-life example of how this topic is relevant or interesting for you.

During the COVID-19 pandemic, hospitals didn't have enough beds or supplies. This made me realize how important it is to be careful with what we have, especially when there isn't enough for everyone.

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3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

We all face limited resources, and that affects how we make decisions. It's important to understand this when we manage our money or try to make sure everyone has enough.