https://padlet.com/tristan_swinden/f1k6amrbc3h4 Assignment #2 by Tristan Swinden en-us 2019-11-23 18:12:56 UTC 2025-11-16 14:57:49 UTC hello@padlet.com tristan_swinden https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415696847 The three economic questions that every society faces go as such.
What goods and services will be produced?
How will the goods and services be produced?
For whom are the goods and services produced?]]> 2019-11-23 18:59:43 UTC https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415696847 tristan_swinden https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415711391 The goal of this padlet is to help the reader understand the the importance and difference between these three questions and what role they play in the building of a society and its economy.]]> 2019-11-23 20:43:53 UTC https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415711391 tristan_swinden https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415719863 This website starts by describing how there were attempts to indirectly answer these questions both with Plato and Aristotle but the questions were not articulate enough to have definitive answers. These questions and answers were not fully developed into their current form until around (1723-90) when economics were introduced as an discipline of study, most notably from the works of Adam Smith who published a five-book treatise called "An Inquiry into the Nature and Causes of the Wealth of Nations". With these three questions, it is which that a society is able to determine which economic system they will choose to utilize that fits them best.

I found this website to be helpful to provide historical insight to the creation and origin of the three economic questions, how they  can be answered to create the economic system for a society, and when they originally started to be though of by ancient Greek philosophers. I like how it provides different insights in the different economic systems that each society has the ability to choose from, as well as trends that have been relevant to different nations and how some nations have shifted their economic system based upon governmental control as well as resource output.]]> 2019-11-23 21:48:06 UTC https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415719863 tristan_swinden https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415722718 Outlined in this video, there are many different types of goods that are used for the economy and in the economy. In the example used in this video the presenter shows how an Ipad works as a capital good when being used to conduct business and can be classified as a business expense. The same Ipad can also be classified as a consumer good when purchased by a consumer for personal use.]]> 2019-11-23 22:13:06 UTC https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415722718 tristan_swinden https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415727056 As outlined in this short video, the government is able to control and influence what is produced by owning and determining what goods and services will be produced for the public and how these will be priced and regulated. A prime example of this is the alcohol production within different countries, In Ontario we have the LCBO who is in-charge of the liquor and alcohol.

I like this video because even though it is short and only has a direct point about a command economy, it outlines what makes a command economy different from other economic systems when deciding on the three main questions because there is governmental guidance about what is going to be produced, how it is going to be produced, and where everything will be allocated to.]]> 2019-11-23 22:48:17 UTC https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415727056 tristan_swinden https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415730178 Starting in the 18th century Canada started producing grains int flours with the help of gristmills, built in New France and then put into Upper and Lower Canada, placing around 400 by 1840. Into the 19th century as the Canadian Pacific Railway was developed and new factories were developed, Canada started producing more lumber, grains, and animal products. In the 20th century as technology has advanced there has been an explosion in electronics development as well as Canada's telecommunications industry.

I found this website and information interesting because it gives a rough timeline of how Canada was able to develop as an economic nation based upon what they had to produce for domestic purposes as well as what they planned to export.]]> 2019-11-23 23:20:30 UTC https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415730178 tristan_swinden https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415865620 In this graphic it outlines the core components that make up a traditional economy and what differentiates it from other economic systems. For example, in a traditional economy, trades are usually done by bartering and in production, they only produce what is needed and surpluses are very rare.]]> 2019-11-24 18:09:49 UTC https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415865620 tristan_swinden https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415879260 This website article about the mixed economy and its different characteristics as well as the pros and cons of it is very informative to differentiate it from a market, command and traditional economy. A mixed economy is a blend of all three of the other economic systems which benefits from the advantages of the 3 main categories while only suffering from a few disadvantages. These disadvantages could be related to too much freedom in the market which can leave less competitive members with less government support.


I found this website very informative about the mixed economic system as it is different yet similar to the market and command economies. I like that it gives different examples as of the advantages and disadvantages of this different system in comparison to others as well. ]]> 2019-11-24 19:18:31 UTC https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415879260 tristan_swinden https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415879639 In this video the visual comparison is made between the command economy and the market economy systems. The main differences between the two are Command economy is a more government controlled system that focuses on spreading produced resources equally out to the population. In a market economy it is more of a cost based system where when different things are produced the cost of the products are based upon the initial demand of the goods produced, when the demand of the goods decreases the price will usually decrease to improve the demand of what has been produced.

I enjoyed this video because it was a great visualization the differences between the two economic systems as well as other differences like in a command economy there is very rarely over production as goals and standards will be set by the government to ensure there is limited waste.]]> 2019-11-24 19:20:36 UTC https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415879639 tristan_swinden https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415884007 In this video the presenter is giving an update on Canada's growth as well as multiple issues such as the trade uncertainty with the USA being resoled with a new deal called  USMCA, or NAFTA 2. It is said to not be the best deal in the world yet it is positive and a step in the right direction about we fundamentally need when partnered with the USA. Another point that is made is that there was recently the announcement of a very large energy project in Kitimat, that will see around $40 billion invested in that part of the country, which should add about 0.2% growth in GDP in Canada.

I like this video because it is very informative about different issues and topics that matter in Canada, like trade and economic growth as well as the reality that yeas a trade deal had been made between the US and Canada but in no way is it the best made deal for anyone involved, there is still opportunity to improve so we can maximize the profits from the resources we produce. ]]> 2019-11-24 19:43:29 UTC https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415884007 tristan_swinden https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415887244 This picture provides a recent visual idea of the impact and amount that agriculture has on the Canadian economy. In this graphic it illustrates that 1 in 8 Canadian jobs was in the agricultural industry, accounting for more that 2.3 million people.]]> 2019-11-24 20:01:11 UTC https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415887244 tristan_swinden https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415923431 The theory of trickle down economics is that all of the benefits that work for the wealthy, trickle down and benefit everyone else. These main benefits are tax cuts to businesses, high income earners, capital gains, and dividends. This theory only remains a theory because it is thought that cutting taxes for the wealthy does not benefit anyone but the wealthy.

This article is very informative and eye opening because it provides insight to the different ideas and theories that have been presented to explain why that trickle down economics remains a theory that is preached by more upper-class peoples and businesses because it provides tax breaks for them with the virtual promise that it will eventually benefit the lower and middle classes eventually, but eventually will not happen within this system.]]> 2019-11-24 23:13:05 UTC https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415923431 tristan_swinden https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415930386 While researching information and sources for this Padlet I discovered the main differences between each of the economic systems and what goes into making the decision of which system a country will take on. This is based upon the result of the 3 main questions that every society faces when attempting to determine what to produce, how to produce it, and for whom it will be produced as well as distributed.]]> 2019-11-24 23:54:45 UTC https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/415930386 tristan_swinden https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/416972045 A real life example of building a society and a nation's stability can look at any developing nation that is beginning to progress from a 3rd world country to a 2nd world country. When they begin to capitalize on production of their own resources such as precious metals and gems that are in demand from other countries, a nation is able to grow their economy and then decide which system that best suits the society. ]]> 2019-11-27 02:33:32 UTC https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/416972045 tristan_swinden https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/416979411 The most important point I would like to convey to anyone reading this Padlet is that there are multiple different economic systems. You must first identify the answers to each of the 3 questions as they pertain to your situation as a society, if you are a strong agricultural nation or if you are a strong manufacturing nation, it is best to buy into your strengths and produce well enough to create a strong GDP. ]]> 2019-11-27 03:06:11 UTC https://padlet.com/tristan_swinden/f1k6amrbc3h4/wish/416979411