Economic Concepts: Group 3 by https://padlet.com/daniel_bish/bkxz5q513czgvewk Made with no regrets, whatsoever en-us 2020-08-24 10:55:09 UTC 2024-08-15 01:09:54 UTC hello@padlet.com daniel_bish https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694227939 2020-08-24 10:58:54 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694227939 daniel_bish https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694228240 2020-08-24 10:59:09 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694228240 daniel_bish https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694228323 2020-08-24 10:59:18 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694228323 daniel_bish https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694228426 2020-08-24 10:59:29 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694228426 daniel_bish https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694228551 2020-08-24 10:59:40 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694228551 daniel_bish https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694228795 2020-08-24 10:59:54 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694228795 daniel_bish https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694228869 2020-08-24 11:00:03 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694228869 Definition https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694870340 The economic world is in a constant state of flux, often changing at institutional, structural, technological, economic and social levels. Economics focuses not on the variables it investigates, but the way they change from one situation to another. ]]> 2020-08-24 15:29:40 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694870340 Equity https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694882805 It is not to be confused with equality, equity refers to the idea of fairness, giving different things to different people.]]> 2020-08-24 15:32:47 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694882805 Micro https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694884351 An example of change in the economic environment on a micro level would be the 2020 oil down turn. The industry had experienced the deepest fall in demand in 25 years. Prices for crude oil dropped by over 10%, and big oil companies had to lay off 25% of their workforce. So much so that , 1.3 million Texans filed for unemployment in the month ending mid-April, including in some heavily O&G-exposed communities, although this was largely driven by the response to the COVID-19 pandemic and only an unknown portion was related to O&G layoffs.]]> 2020-08-24 15:33:11 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694884351 Definition https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694884774 Relates to the level of prosperity and the quality of living standards enjoyed by members of an economy]]> 2020-08-24 15:33:18 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694884774 Definition https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694886093 A system in which countries and/or companies are economically dependent on each other. This can allow for nations or companies to achive economic goals.]]> 2020-08-24 15:33:39 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694886093 Examples https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694891860 Microeconomics:
Conditions of roads, possession of electronics in households
Macroeconomics:
National/regional shortage of water, lack of proper Healthcare in developed countries > signs of low economic well being
Government:]]> 2020-08-24 15:35:13 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/694891860 Choice https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/697178890 Due to the fact that there are limited resources to meet unlimited needs and wants of all economic agents, choices must be made regarding the allocation of these resources to meet as many needs and wants as possible. 

]]> 2020-08-25 14:01:37 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/697178890 Definition https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/698500092 An economic intervention is an action taken by a government or international institution in a market economy in an effort to impact the economy beyond the basic regulation of fraud and enforcement of contracts and provision of public goods.]]> 2020-08-25 19:56:31 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/698500092 Examples https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/698510392 Microeconomics:
- Regulation of illegal pollution caused by an industry.

Macroeconomics: 
- Great depression and crisis of 2008. Where the government had to intervene in the market to solve the economic crisis.

Global: Paris agreement on climate changes which regulates countries' pollution.]]> 2020-08-25 20:00:35 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/698510392 Examples https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/708963438 Microeconomics:
  • Two people commit the same crime, one can’t afford to hire a good lawyer hence punishment varies
Macroeconomics:
  • Inability to access welfare due to high costs and low wages
Global economics
  • Lower wages can lead to unhappiness and lack of motivation which can cause a lower rate of economic growth as consumption will surpass production 
]]> 2020-08-31 14:51:55 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/708963438 Efficiency https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/708980016 Efficiency is in most cases a polar opposite of equity. It is a quantifiable concept which is determined by comparing the total input to the useful output. There's also allocative efficiency, which is allocating supply where there is scarcity for it, therefore minimizing resource waste and giving a higher useful output yield.]]> 2020-08-31 14:55:14 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/708980016 Scarcity https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/708982547
Definiton:  Scarcity refers to resources being finite and limited. Scarcity means we have to decide how and what to produce from these limited resources. It means there is a constant opportunity cost involved in making economic decisions. Scarcity is one of the fundamental issues in economics.]]> 2020-08-31 14:55:52 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/708982547 Examples: https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/708985377 Microeconomics
-A small business will depend on another business to deliver supplies to its shops.

Macroeconomics
- In a nation that has multiple industries and manufacturers, such as the United States, not all companies can produce all the inputs that they need to make the products they sell. Therefore, each industry must rely on other industries to make their components.
Global
- In 1998, 7% of France's profits were from the exports of other countries]]> 2020-08-31 14:56:34 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/708985377 Examples: https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/708992557 Microeconomics: Over-fishing causing scarcity of fish in a certain region.

Macroeconomics: In 2012, avian flu wiped out millions of chickens in Mexico creating a scarcity of eggs, a stable of the Mexican diet.

Globally: the scarcity of ventilators for the treatment of the Coronavirus.



]]> 2020-08-31 14:58:18 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/708992557 Examples https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/708995686 Microeconomics:
  • A factory recycles its waste to make new parts therefore minimizing resource waste. Nissan uses old tyres from a car which can be recycled to make new ones
Macroeconomics:
  • Automating processes in production and reducing the amount of workers required, hence decreasing the input but maintaining useful output. Google's duplex will be the most human-like AI and can kill the demand for human assistants all around the US
Global economics:


]]> 2020-08-31 14:59:08 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/708995686 Definition https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/709002324 The ability of the present generation to meet its needs without compromising the ability of future generations to meet their own needs, by limiting the degree to which economic activities harm the environment.]]> 2020-08-31 15:00:48 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/709002324 example 1 https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/709011395 this article examines the huge impact sustainability and awareness has had on the consumer purchasing patterns in India post lockdown.]]> 2020-08-31 15:03:05 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/709011395 Macro https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/709018225 An example of change in economics on a macro level would be the many tariffs imposed by president trump and how they have affected the economy. Nationwide the tariffs could cost up to 57 billion annually. ]]> 2020-08-31 15:04:53 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/709018225 example 2 https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/709032566 Interesting read regarding the 2020 economic times startup awards - their strategy is to incentivize other firms and businesses to be environmentally friendly and sustainable by rewarding companies that were capital efficient, during an engaging two-and-a-half-hour virtual meeting where they picked winners.]]> 2020-08-31 15:08:24 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/709032566 Global https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/709071103 2020-08-31 15:17:38 UTC https://padlet.com/daniel_bish/bkxz5q513czgvewk/wish/709071103