SCARCITY by https://padlet.com/emma_draycott1/5yka1ssnf4de By Emma Draycott & Ingrid Poff en-us 2018-03-21 18:17:10 UTC 2023-05-11 07:49:40 UTC hello@padlet.com By Emma Draycott & Ingrid poff emma_draycott1 https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/244689321  ]]> 2018-03-21 18:18:51 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/244689321 Welcome to our padlet on SCARCITY. emma_draycott1 https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/244694595 Scarcity is when our unlimited wants exceed our limited resources forcing us to make choices.  ( from week 2 slide)]]> 2018-03-21 18:28:26 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/244694595 what is scarcity? emma_draycott1 https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/244698794 VIDEO #1]]> 2018-03-21 18:36:29 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/244698794 Scarcity and Choice emma_draycott1 https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/244699894 VIDEO #2]]> 2018-03-21 18:38:10 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/244699894 Scarcity and Exchange ingrid_poff https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/250514203 VIDEO #3]]> 2018-04-10 23:21:08 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/250514203 Scarcity Flow Chart ingrid_poff https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/250514784 PICTURE #1]]> 2018-04-10 23:25:26 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/250514784 Scarcity of Consumer Goods ingrid_poff https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/250515249 PICTURE #2]]> 2018-04-10 23:28:50 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/250515249 The Desire for What is Scarce ingrid_poff https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/250517610 WEBSITE #1

]]> 2018-04-10 23:48:31 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/250517610 The Psychology of Scarcity ingrid_poff https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/250518503 WEBSITE #2]]> 2018-04-10 23:54:27 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/250518503 Resource Scarcity ingrid_poff https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252366150 WEBSITE # 3
As resources become scarce, conservation efforts increase.]]> 2018-04-16 23:14:35 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252366150 WEBSITE #1 ingrid_poff https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252373863 The Desire for What is Scarce
This articles explains that many of the decisions we make daily are related to scarcity whether we’re aware of it or not.  This is particularly true for money.  The abundance, or scarcity of money, directly affect us daily.  This article also made the point that we, people, are a resource.   Our energy, our skills, and our wellbeing are all resources that we can cultivate to benefit ourselves.  As we cultivate our talents we become a resource that other people will be drawn to and desire.  

]]> 2018-04-17 00:16:00 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252373863 WEBSITE #2 ingrid_poff https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252376692 The Psychology of Scarcity
This article explains how economic scarcity in childhood can affect decision making later in life.  Experiencing financial scarcity lead to riskier financial decisions and opposed to the decisions made by people who were affluent.  This article went on to state that there are similarities in decision making in the biological world of organisms when faced with scarcity of resources.  The author suggested that this similarity could lead to understanding poverty cycles in people.  We found it interesting to examine reactions to scarcity from an evolutionary perspective.

]]> 2018-04-17 00:31:45 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252376692 WEBSITE #3 ingrid_poff https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252380187 Resource Scarcity
This article shows the correlation between scarcity and abundance in resources.  It raises comparison between a resource that is considered superior, and therefore having more value, to another.  How once the superior and abundant resource has been harvested to the point of scarcity, the inferior resource increases in value.  The article uses oil as an example of this.  Oil pockets that were less rewarding at one time are now being mined at a greater cost due to higher extraction costs.  The scarcity plus the extraction cost now lead to a much more expensive commodity.   

We found it important to remember that values fluctuate and in particular, rise as resources decrease. 

]]> 2018-04-17 00:53:19 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252380187 PICTURE #1 ingrid_poff https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252381528 Scarcity Flow Chart
This image is a simple, easy to understand flow chart of unlimited wants and limited resources will lead to scarcity.  From that point we have choices to make.  Basically, what will be produced, how it will be produced and for who it will be produced.     

]]> 2018-04-17 01:03:25 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252381528 PICTURE #2 ingrid_poff https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252382045 Scarcity of Consumer Goods
This image is an example of what scarcity of goods can look like to the consumer.  We don’t believe many people in Canada have witnessed this kind of scarcity.  It’s important to remember that this is reality for many people in the world.     

]]> 2018-04-17 01:06:46 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252382045 Oil Sands Resource Scarcity ingrid_poff https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252382953 PICTURE #3]]> 2018-04-17 01:12:57 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252382953 PICTURE #3 ingrid_poff https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252383174 Oil Sands Resource Scarcity
This image is a visual example of website #3.  That as a resources become less abundant, increased effort is needed to retrieve less plentiful supplies which increases the resource’s value through scarcity as well as increased operational costs.  This helps us to understand the connection to rising costs.

]]> 2018-04-17 01:15:05 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252383174 VIDEO #1 ingrid_poff https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252386279 What is scarcity?
This video shows that unlimited needs as well as unlimited wants are not met with unlimited resources, which forces people to make choices.  This is the formula for scarcity.  The example used in this video is having to choose between a computer and a smart phone.  In Canada it doesn't really feel like we are dealing with scarcity because we see an abundance of goods in stores and on line but the reality is that we can't have it all.  
This video was very simplistic in its explanation, maybe too simplistic

]]> 2018-04-17 01:33:40 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252386279 VIDEO #2 emma_draycott1 https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252395481 Scarcity and Choice
this video talks about unlimited wants, that even if we get everything we want there will always be some thing we want. With all of this unlimited wants there are limited resources. Scarcity is when there is not enough product, service or resource to satisfy everyone's wants at a zero price. 


]]> 2018-04-17 02:20:34 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252395481 VIDEO #3 emma_draycott1 https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252400420 EconMovies (star wars)
This video talks about how Star Wars relates to scarcity. Explains that we as consumers make choices best on our best interest. When making a choice you are looking at the benefits and the cost of you decision. Buyers tend to want a low price while sellers what a high price. This video explains that economics is all around us, and the choices we make all affect economics.]]> 2018-04-17 02:48:00 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252400420 POST #12 ingrid_poff https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252796456 2018-04-17 23:00:31 UTC https://padlet.com/emma_draycott1/5yka1ssnf4de/wish/252796456