Economics Culminating by Manvir Singh https://padlet.com/139441/econminating CIE3M en-us 2017-06-06 04:18:13 UTC 2025-11-26 12:10:42 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Growing.png Scarcity Definition 139441 https://padlet.com/139441/econminating/wish/175321185 It is a concept that states people have unlimited wants in a world of limited resources.]]> 2017-06-06 04:36:56 UTC https://padlet.com/139441/econminating/wish/175321185 The Economic Way of Thinking 139441 https://padlet.com/139441/econminating/wish/175321739 In Pune, India, a society fights water scarcity as the government doesn't supply enough water to satisfy the citizens' needs and wants. Therefore, they have to find sustainable ways to get water. Such as save rainwater and prioritise different usages of water. This shows the concept of scarcity as there is a limited amount of water and it is unable to satisfy the needs of that society. This issue is not just going on with one society, but will thousands of others as clean water supply in India generally low because of the high population.]]> 2017-06-06 04:42:36 UTC https://padlet.com/139441/econminating/wish/175321739 Economic Systems 139441 https://padlet.com/139441/econminating/wish/175323868 Market Economic System have disadvantages that heavily affect people in their 20s in Australia. While property ownership sounds like  good thing, booming house prices are disallowing people to move into bigger homes. As 31% of people over 21 in Australia are still living with their parents. This shows the bad side of a market economy and how government intervention is some cases can be a good thing. In my opinion, the government can lower the interest rates for new/young buyers when they want to purchase a property.]]> 2017-06-06 05:21:21 UTC https://padlet.com/139441/econminating/wish/175323868 Economic System Definition 139441 https://padlet.com/139441/econminating/wish/175494876 An organised way a society uses its scarce resources and the way it allocates goods and services to satisfy people's wants.]]> 2017-06-07 04:17:11 UTC https://padlet.com/139441/econminating/wish/175494876 Market Structures 139441 https://padlet.com/139441/econminating/wish/175496147 The internet industry in the US is an Oligopoly as it is controlled by 2 major companies. SoftBank CEO Masayoshi Son says if Sprint merges with T-Mobile, the internet users in US will have a third option. He says "the speeds will be 10 times faster and it will be much cheaper". Although the idea sounds good for Sprint and the consumers, it will cost a lot of money simply merging the brands and other issues that will occur with the current users. But the deal goes through, it can definitely shape up the long-lasting oligopoly in US and it can allow for more entrants in the future as the barriers to enter/exit the market become less. 
Watch Video in Link below:]]> 2017-06-07 04:35:27 UTC https://padlet.com/139441/econminating/wish/175496147 Internet in US 139441 https://padlet.com/139441/econminating/wish/175496262 The internet industry is dominated by AT&T and Verizon. It is because these companies supply fast and reliable internet at a substantially low price compared to other service providers in the US.]]> 2017-06-07 04:37:14 UTC https://padlet.com/139441/econminating/wish/175496262 Minimum Wage in Canada 139441 https://padlet.com/139441/econminating/wish/175497895 Minimum Wage is different in many provinces in Canada but at the end of 2016, it was $11.2 on average.]]> 2017-06-07 05:02:48 UTC https://padlet.com/139441/econminating/wish/175497895 Role of Labour 139441 https://padlet.com/139441/econminating/wish/175498083 In Ontario, the minimum wage as of June 2017 is $11.40. By 2019, the government is planning to increase it to $15 which is a huge increase and is one of the highest minimum wages in the world. While it might seem good for the employees, businesses will have increased cost and making profit will be hard. This article says that high minimum wages can lead to minimum benefits. Worst case scenario, it will increase unemployment and poverty as businesses will only accept the best and will probably move on to technology to run the business operations]]> 2017-06-07 05:06:26 UTC https://padlet.com/139441/econminating/wish/175498083 Economic Indicators and Measurements 139441 https://padlet.com/139441/econminating/wish/175667092 Renewable energy companies in Calgary, Canada are looking to expand their business and boost profits as the Alberta Government tries to make an ambitious push for green electricity in Alberta. By 2030, the province aims to have 30% of its energy by wind, solar and hydro. This is extremely good for  the Canadian economy as moving on into the future, they can focus their non-renewable resources such as oil and gas for other uses and can move to supply energy mainly through renewable energy. This will both save money and the environment and can ultimately help increase economic growth.]]> 2017-06-08 04:44:14 UTC https://padlet.com/139441/econminating/wish/175667092 Electricity Production in Canada 139441 https://padlet.com/139441/econminating/wish/175667864 Most of the electricity produced in Canada today is by natural resources such as coal and oil. Moving on into the future, they will try to produce electricity using renewable resources.]]> 2017-06-08 04:55:07 UTC https://padlet.com/139441/econminating/wish/175667864 Inflation Definition 139441 https://padlet.com/139441/econminating/wish/175668298 It is a sustained rise in the general price level or a fall in the purchasing power of money]]> 2017-06-08 05:05:19 UTC https://padlet.com/139441/econminating/wish/175668298 Unemployment Rate Definition 139441 https://padlet.com/139441/econminating/wish/175668549 The percentage of the labour force that is jobless and looking for work. 
Unemployment in HK below:]]> 2017-06-08 05:10:52 UTC https://padlet.com/139441/econminating/wish/175668549 Facing Economic Challenges 139441 https://padlet.com/139441/econminating/wish/175826053 Minorities such as the African American community in the United States generally have an disadvantage as there is a small amount of inequality when recruiting new employees. But the black unemployment rate has hit a 16 year low. This is extremely good because there is more human capital in the US which means the production of economic value will naturally good up. Not only unemployment rates have decreased, but also the opportunity to advance to higher positions have increased. This will naturally decrease the poverty levels of minorities in the US.]]> 2017-06-09 04:27:59 UTC https://padlet.com/139441/econminating/wish/175826053 Fiscal Policy Definition 139441 https://padlet.com/139441/econminating/wish/175826550 Fiscal Policy uses taxes and government spending to affect the economy (either to expand or contract the economy)]]> 2017-06-09 04:38:18 UTC https://padlet.com/139441/econminating/wish/175826550 Using Fiscal Policy 139441 https://padlet.com/139441/econminating/wish/175827250  The Japanese economy hasn't been growing at the rate that is used to about a few months ago. Therefore Prime Minister Shinzo Abe wants to boost the economy by pushing a greater role for fiscal policy. The government is planning to use an expansionary fiscal policy to increase aggregate demand to stimulate the slow growing Japanese economy. They will also increase government spending by investing in elder care, child care and research and development. This will also help the Japanese economy to have a surplus in the upcoming years and  it will lead to a stronger growing economy.]]> 2017-06-09 04:53:07 UTC https://padlet.com/139441/econminating/wish/175827250 Monetary Policy Definition 139441 https://padlet.com/139441/econminating/wish/175828090 Monetary Policy includes all the Central Bank actions that change the money supply in order to have an influence on the economy. It usually have the goals to either stable the prices or to maximize employment. ]]> 2017-06-09 05:08:34 UTC https://padlet.com/139441/econminating/wish/175828090 The Federal Reserve and Monetary Policy 139441 https://padlet.com/139441/econminating/wish/175828614 The People's Bank of China (Central Bank in China) has allowed China's 5 biggest banks to lower to Required-Reserve-Ratio by 1% (to 16%). It is because the Lunar New Year holidays were coming up and China wanted to boost its economy because this year was deemed to be a lucky and prosperous one. While it may slightly increase the rate of inflation, it will also increase the money supply as more people and businesses are able to take loans. Not only that, the size of loan will also be much bigger. But ultimately, it will increase the economic growth of China. ]]> 2017-06-09 05:22:24 UTC https://padlet.com/139441/econminating/wish/175828614 What's a Transitional Economy 139441 https://padlet.com/139441/econminating/wish/175829347 It is a country that has moved (or is moving) from a command economy to a market economy.]]> 2017-06-09 05:41:54 UTC https://padlet.com/139441/econminating/wish/175829347 Developed Nations Definition 139441 https://padlet.com/139441/econminating/wish/176038785 The economy has a high standard of living, a high GDP, industrialisation, widespread private ownership of property, and stable and effective governments]]> 2017-06-12 04:18:43 UTC https://padlet.com/139441/econminating/wish/176038785 Issue of Economic Development 139441 https://padlet.com/139441/econminating/wish/176040319 GDP Per Capita in Bulgaria grows by 2.6%. It is $6820 as of June, 2017. It is because businesses and people invested into many different things over the past year which accounted for over 16% of the GDP. Consumption also increased by 3% which meant that the GDP naturally increased. This increase in GDP helped the increase in productivity. This will most likely mean that the GDP per Capita can keep on increasing for the next few years as Bulgaria's technology industries develop and the productivity levels of employees keep increasing.]]> 2017-06-12 04:41:22 UTC https://padlet.com/139441/econminating/wish/176040319 Interest Rate Definition 139441 https://padlet.com/139441/econminating/wish/176041214 Extra charge for the use of money lent. Usually proportioned according to the amount of loan.]]> 2017-06-12 04:54:44 UTC https://padlet.com/139441/econminating/wish/176041214 Personal Finance 139441 https://padlet.com/139441/econminating/wish/176042341 Kapita is a community in Malawi, and they don't have any access to any financial services. This meant that farmers and entrepreneurs always had lack of capital. Therefore the organisation Empower helped the community to have a community bank called COMSIP. This allows for people to put in their savings. But the main reason for this bank is that community members are allowed to take a loan with low interest rates and they are allowed to start new businesses or expand their farms. This bank is also promoted quite a lot for women because the organisation wants everyone in the community to have a sustainable life.
Watch video below:]]> 2017-06-12 05:16:01 UTC https://padlet.com/139441/econminating/wish/176042341 Extra (Population Demographics) 139441 https://padlet.com/139441/econminating/wish/176164736 In the 1990, Brazil's 42% of the population was living in poverty (poverty: living under $3 per day). But in 2011, the poverty massively decreased to only 22% which is still decreasing. The reason for this change was more government aid as they built many homes and supplied other infrastructure such as free education. Similarly another good thing was happening, the GDP increased by over 8% over 20 years. There is a correlation between the two graphs because when more people get education and get out of poverty, the usually get better jobs and earn more. Which naturally increases other factors in the GDP such as consumer spending and net exports.]]> 2017-06-12 21:57:11 UTC https://padlet.com/139441/econminating/wish/176164736 Oligopoly definition 139441 https://padlet.com/139441/econminating/wish/176192193 An oligopoly is a market structure where there are a few sellers with differentiated products generally in the same category. It is quite hard to enter and exit too.]]> 2017-06-13 04:55:46 UTC https://padlet.com/139441/econminating/wish/176192193 Reflection 139441 https://padlet.com/139441/econminating/wish/176244587 Learning about supply and demand teaches me that how different businesses produce their products and services. Every business has an equilibrium price point to balance out the quantity demanded and the quantity supplied. The equilibrium point can also change in regards to external factors that the industries don’t have control of. The elasticity also shows me how different products are priced at different points and how consumers and suppliers react to different price changes in the marketplace. Whether a good is normal or inferior, people with different salaries have different demands for these products. For example, if I’m earning more I would go for the better quality good even though it is generally more expensive. Moreover, understanding what opportunity costs helps me in choosing what product to buy as I can foreshadow the loss of the other alternative when one is chosen. Learning about government intervention teaches me why and when do governments usually intervene more in the market. I see why taxes and government spending rise and fall at specific points of the growth of economy. It is usually to stimulate or to discourage growth in the economy. It will also help me to manage my finances better as I’ll know when to save or when to invest. I’ve learnt when are fiscal policies or monetary policies are used. This gives me a better understanding of the state of the government and both the economy and how well can my government react to the states of recession or expansion. Furthermore, I will also know how to manage my taxes at times of the business cycle in the economy. Learning about international trade teaches me why do countries engage in international trade. No countries are able to make every product in the world efficiently therefore countries specialize in manufacturing different products. This will allow them to maximize efficiency as countries will only produce the products that they have they a comparative advantage in and this will allow them to engage in trading with other countries. I’ve also learnt why there is protectionism when a country engages in international trade. It is usually to let new domestic companies to grow and expand and to also disallow harmful products into the country. I’ve also learnt how countries can go in a trade surplus or a trade deficit and to the extent it can affect the country’s economy. Learning about economic responsibilities showed me basis of any businesses. It showed my what every person is striving for in the world; to gain profit. Learning about different companies such as Vera Wang’s gown business showed be how supply and demand works. Because of her new designs and a changing taste in the market, her products were inelastic as the demand stayed high even though the price kept rising. Moreover, by learning how to finance my life, I learnt ways I can keep my credit score high so I can take loans when needed.

]]> 2017-06-13 13:07:20 UTC https://padlet.com/139441/econminating/wish/176244587 Bibliography 139441 https://padlet.com/139441/econminating/wish/176332366
  • Kapita (2016). KAPITA COMMUNITY SAVINGS AND INVESTMENT PROMOTION (COMSIP). Empower. Retrieved at: http://empowerprojects.org/project/kapitacomsip/ 
  • Novinite (7 June, 2017). GDP Per Capita in Bulgaria Grows by 2.6%. Novinite. Retrieved at: http://www.novinite.com/articles/180660/GDP+Per+Capita+in+Bulgaria+Grows+by+2.6 
  • Thestar (20 January, 2017). China cuts reserve ratios for five big banks temporarily amid cash squeeze. Thestar. Retrieved at: http://www.thestar.com.my/business/business-news/2017/01/20/china-cuts-reserve-ratios-for-five-big-banks-temporarily-amid-cash-squeeze/ 
  • Cislo C. & Takahashi M. (21 November, 2016). Japan Looks to Increase Role of Fiscal Policy in Next Budget. Bloomberg. Retrieved at: https://www.bloomberg.com/news/articles/2016-11-21/japan-looks-to-increase-role-of-fiscal-policy-in-next-budget 
  • Hahm M. (7 June, 2017). Here’s why the black unemployment rate hit a 16 ½-year low. Yahoo Finance. Retrieved at: https://finance.yahoo.com/news/black-unemployment-rate-hits-16-12-year-low-162635060.html 
  • CBC (5 June, 2017). Alberta energy minister touts 'exciting time' for renewables sector at Calgary conference. CBC News. Retrieved at: http://www.cbc.ca/news/canada/calgary/renewable-energy-summit-calgary-mccuaig-boyd-solar-wind-1.4146744 
  • Mahboubi P. (5 June, 2017). High minimum wages have minimum benefit. The Globe and Mail. Retrieved at: https://www.theglobeandmail.com/report-on-business/rob-commentary/high-minimum-wages-have-minimum-benefit/article35207408/ 
  • TechnologyNews. (12 March, 2014). SoftBank CEO says Sprint could shake up U.S. 'oligopoly'. Reuters. Retrieved at: http://www.reuters.com/article/us-softbank-son-tmobile-idUSBREA2A1TB20140312 
  • Kennedy J. & Blumer C. (30 April 2017). Housing affordability crisis keeps families locked out of home ownership. ABC News. Retrieved at: http://www.abc.net.au/news/2017-04-30/housing-affordability-locks-out-families/8484258 
  • Patwardhan A. (May, 2017). A Society in Pune Is Fighting Water Scarcity & Saving ₹ 20 Lakh Every Year. Here’s How. The Better India. Retrieved at: http://www.thebetterindia.com/99819/roseland-residency-pune-rainwater-harvesting-plantation-eco-friendly/ 
    • Public District school Board writing Partnership (Ont.) (2012). The Individual and the Economy. Ottawa, Ontario. Queen's Printer for Ontario.

    ]]>     2017-06-14 01:12:17 UTC https://padlet.com/139441/econminating/wish/176332366