The Three Economic Questions that Face Every Society by Liam Gilmour

Seems Like Everyone is Good At Something-Website 1

liamdgilmour — 2022-12-05 00:32:46 UTC

This is a website outlining every countries greatest export. As you can see Canada(and the U.S) both have petroleum(oil) as their greatest exports. Each continents/ countries greatest productions are shown with food, Oil and industrial manufacturing being the typical export of countries with high GDP's , influence and economic power. Other such exports include copper from Armenia, Cars from Mexico and even grapes from Afghanistan. Other such exports as food, lumber, electronics and even blood make the list!

The exports of every country are related to the many characteristics of each. Canada has large degree of natural resources, so petroleum is our greatest export, while for a country like Brundi natural metals such as gold find their place at the top of the lists. I feel this list is important as it is filled with many expected results(such as the Americas mass export of oil) , as well as many unexpected results such as Ireland greatest export being linked to the pharmaceutical industry with blood fractions. Each export seems to woven into both the physicality of the country(Cruise ships from the bahamas) as well as cultural focus(technologies from south Korea).

We Have a lot of Trees, We make a lot of lumber....Video 1

liamdgilmour — 2022-12-05 00:46:37 UTC

This video is short but very much outlines one of Canadas largest economic industries, our manufacturing/production of wood/lumber. It gives brief history of how companies originally joined the lumber industry by making woof for aircrafts in WWII. It then goes on to give brief explanation of the high quality and standards of lumber coming from Atlantic Canada.

I chose this video because it the perfect and simple answer to the question of "what is to be produced?". Canada is a massive country, it has one of the highest percentages of "certified forests in the world" , the video outlines how other countries will even pay premium prices for Canadas top quality wood. This industry is massive in Canada, and for good reason, it brings i billions of dollars, creates thousands of jobs and is the prime example of a Country using what it has in abundance to create an economic impact world wide.

Oil and Energy Website #2

liamdgilmour — 2022-12-05 01:30:26 UTC

Our Natural resources are a huge part of what keeps Canada as an economic powerhouse. The Government of Canada website keeps Canadians informed on how much of these resources we distribute, purchase and make available to our population. Canada has 10.3% of the worlds proven oil reserves, the Canadian government puts of 200M into research/Innovation of the oil industrywith 243 billion capital expenditures spent to this date. That's not to see that renewable resources are not in influx, as a country we also pump billions into Solar thermal, Marine , Wind and Biomass.

This website was selected because it acts as hub for information about our many resources that Canadians can have access to. One such resource that was unknown to me before visiting this website is whats known as solar Photovoltaic energy. Similar to solar energy it uses energy from the sun, but rather than converting to heat , it converts it directly into electricity. This is the perfect example of a country using its need to produce renewable energy combined with Canadas constantly increasing greener initiatives to produce new forms of energy and profitable resources.

Innovation in Auto Manufacturing Video #2

liamdgilmour — 2022-12-05 01:49:40 UTC

This video goes over a very interesting topic , the movement of the automotive sector into electric vehicles. It is a long video but one point i found that outlines this new movement is from the Vic president of corporate and environmental affairs at GM. He speaks on the new Electric pallet trucks(bright-drop) that were being used at the beginning of 2021, as well as the ever increasing automotive/engineering industries moving into the new era of electric vehicles.

This video was selected as it show some of the ways new products/markets are working their way into Canadas economies/industries. While many automotive suppliers are based over-seas, we as a Country are coming up with our own technological innovations. One such innovation outlined in this video was electronic E-pallet distribution system designed for companies such as FedEx that is shown to increase parcel delivery speeds by 20%. While Canada is yet to be the epicenter of technological advancement in the world, it shows how the we as a country are making steps towards new innovative technologies in major technology centers in our major cities like Toronto.

The Skill Gap Website #3

liamdgilmour — 2022-12-05 02:03:45 UTC

The website for The Organisation for Economic Co-operation and Development(OECD) is useful in showing labour trends and statistics in Canada. To focus one such aspect is how plain and simply jobs are requiring more education/skills. Decades a go physical labour jobs would have been very much the status que , but as world wide technologies advance and industries transform, jobs are changing. The OECD states 29% of jobs are likely to see changes with the new spread of technological advancements.

This website hits on one topic I think is very important in particular . It speaks on the decrease of employment for "middle skill" jobs. These are jobs that require technical training beyond high-school but not something like a four year degree. Interestingly this drop in employment is greater than that of the low skilled workers. These trends suggest that the need for Canadians at the higher educational thresholds are becoming more and more sought after and will shape our manufacturing and production of goods in the future years.

Modern Canadian Grain Farms....Video 3

liamdgilmour — 2022-12-05 16:29:37 UTC

This video takes a look at modern day grain farmers and interviews some of these people whose families have been in the Canadian grain farming industry for upwards of 100 years.
This video is important because it shows not only the modern way that farming is performed but also talks on how far we have come. One quote i found exemplifies this very well is...
"therefore year by year we get an increase due to technology. If we compared a car from 10 years ago to a car today they wouldn't be the same thing, that goes the same in terms of technologies for plants".

Wealth Distribution.....Website 4

liamdgilmour — 2022-12-05 17:58:44 UTC

This particular site gives a quality outline of wealth distribution of Canadian incomes based on various statistics. The overall trend being that the rich are in-fact greeting richer and we do see gaps in time where the gap between the poorest group and the wealthiest sees increase. That should however be taken with a grain of salt as the "poor" of Canadas populace is in fact less poor than they were say 30 years ago.

Three topics on this site stuck out to me which is the way the cite decided to calculate poor income using two main determinants LIM and LICO as well as Market Basket Measure. Households using low income measure(LIM): The LIM is defined as half the median family income , and low income cut off(LICO):the income level below which a family would devote at least 20 percentage points more of their income on food, clothing, and shelter than an average family would. The MBM is a measure of the disposable income a family would need to be able to purchase a basket of goods that includes food, clothing, shelter, transportation, and other basic needs. These three statistics are essentially measures of ways of determining who is poor in Canada by what they are able to buy, and what they have left over. It seems important to show that while we may produce many items in Canada, the entire population is not always able to purchase these goods, in market economies those who can afford the product, get the product.

Do We Buy Our Own Stuff? ....Image 1

liamdgilmour — 2022-12-05 18:21:56 UTC

This is a graphic I found that was an interesting look into the products we as Canadians buy. The percentages are an accumulation of statistics of surveys performed asking Canadians if they bought Canadian products in each of the Categories shown above.

While I remain weary of the scientific accuracy of this graphic, it is interesting to see the general idea that Canadians typically buy less than half of their goods from Canadian suppliers. It is also very interesting that food and beverages are more commonly purchased Canadian while electronics are not, I wonder how this picture may look different in a country that hosts such companies as Samsung or other tech companies.

Whats in here?

liamdgilmour — 2022-12-05 20:37:19 UTC

This padlet is organized into the three questions posed and focuses on answering these questions as they pertain to Canada. These questions are "what is produced?" so that section will show some examples of productions that are found here in Canada. The second question is "How are these good produced?" and this section will show some of the modern technologies used. The third section answers "Who will get these goods/services?", this section mostly goes over wealth distribution and the popularity of Canadian products in Canada, and whether we actually use all the products we produce.

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

liamdgilmour — 2022-12-05 20:39:38 UTC

I learned a great deal about the various industries in Canada. What was most interesting/surprising was that we actually dont use as many Canadian products as we think, and also that we have such a large reserve of Oil. I always knew we were rich in natural resources but the extent was certainly surprising.

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

liamdgilmour — 2022-12-05 20:44:36 UTC

This topic affects me greatly as it should every Canadian. We have importance in the global economy and we should be making our political and economic decisions based on our relative strengths. Our technology sector is ever growing and our agricultural sector is massive , we certainly are a unique country that can fall under the shadow of our neighboring superpowers, but we have many economic strengths of our own, in our own right.

. 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?

liamdgilmour — 2022-12-05 20:46:35 UTC

I think purchasing and promoting Canadian goods/services should be important for everyone. While you cant manufacture everything we should certainly lean into giving our own productions importance, even if it comes at slightly higher financial cost.

The circular flow model...Image 2

liamdgilmour — 2022-12-05 23:32:38 UTC

In the circular flow model money flows in one direction, while goods and services flow in the other. House hold sell labor in exchange for wage, land can be exchanged for rent and firms sell goods in exchange for money.

This model is effective in showing the movement of capital and also the typical flow of products though an economic system.

Economics 101 -Video 4

liamdgilmour — 2022-12-05 23:44:10 UTC

This video is really great resource for explaining the movement of money. Not every point pertains to this specific topic but it certainly answers the question of "Who will get the goods and services?". This video starts by talking about buyers and sellers and by the end breaks into the topics of government lending and debt.

For our purposes i relate this video back to the simple circular flow model as seen above. In command economies resource allocation is decided by government, in a market economy these resources are owned privately and prices are decided by market changes. Canada is a mixture of these two , a mixed market, a very common economic system.

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