https://padlet.com/kieranmurphy951/ou2v287pdnduct3p Kieran Murphy en-us 2022-04-12 05:38:07 UTC 2025-12-02 22:52:57 UTC hello@padlet.com https://padlet.net/icons/png/1f4c8.png kieranmurphy951 https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2140446873 The topic I have chosen is Scarcity as it relates to economics. Scarcity is key concept in economics; where there is a larger demand for goods and/or services than that is available. What you can expect to learn from the topic of scarcity as in relation to economics? Hopefully, this Padlet will inform the reader about how scarcity affects the economy, how it affects Canadians, what is considered a scarce product and/or service, and what can be done to help resolve any issues. ]]> 2022-04-12 07:21:28 UTC https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2140446873 kieranmurphy951 https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2140805277 https://www.nationalgeographic.org/encyclopedia/scarcity/
The first website I've chosen is the national geographic post about scarcity. The article talks about how the economy is made up of individuals and companies that both buy and sell goods and services. The article highlights the importance and understanding of scarcity in today's economy, noting that with scarcity, as well as the production rate of these goods and services. 
I chose this website because it does a good job explaining the basic affects that scarcity has on the economy. I believe this article is a good starting off point for the discussion of scarcity as it relates to economics]]> 2022-04-12 13:19:43 UTC https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2140805277 kieranmurphy951 https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2140805593 The first image i have chosen is a diagram of how scarcity works. Scarcity is caused by societies unlimited wants mixed with the worlds limited resources. This dilemma causes actions to be taken to make the smartest decision. What to produce that will sell well, how to produce the product or service efficiently and the quality, and whom to produce it for, whether its a large companies or small investors. The idea of scarcity can affect the outcome of all the choices. ]]> 2022-04-12 13:19:55 UTC https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2140805593 kieranmurphy951 https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2140805885 https://youtu.be/VVcTxxT3IJU
The first video I have chosen is about the scarcity of resources, The video is an easy to understand lesson of scarcity. The video highlights three major components that are needed for production; resources, labourers, and capital. Resources such as land, energy, minerals, metals, water etc. Labourers such a worker, and the hours of work needed to perform and finish tasks. And finally, Capitol is an ownership of things that make other things, as explained in the video. Some examples may include facilities, machinery, and power lines etc. 
I ultimately chose this video because it shows in brief details how production would work if you had all the necessary components needed. Where scarcity comes in is when you are lacking one or more of these necessary components to make production work. ]]> 2022-04-12 13:20:05 UTC https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2140805885 kieranmurphy951 https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2140806401 I chose this image because it is an example of what it may look like if there is a scarce amount of a product. Whether the scarcity is caused by high demand or low production is unknown, but it shows just what it may look like. This image is scarily similar to what we saw at the beginning of the Covid-19 pandemic and when everyone began panic buying.]]> 2022-04-12 13:20:25 UTC https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2140806401 kieranmurphy951 https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2140806548 https://youtu.be/Wz8yGL388SI
Scarcity isn't always caused by the lack of natural resources. The video I have chosen is a Canadian news report of the lack of Canadian employment. Canada had faced a sizable amount of unemployment before, but with the Covid-19 pandemic that number has only increased. The Canadian government has issued check to those who are unemployed, but this also potentially leads to more issues. This as well as health concerns only add to the list of reasons for people not seeking employment. With this shortage of labour in Canada, companies have resorted to outsourcing work to other countries in order to stay afloat. As you are probably aware this can potentially affect the economy and possibly the scarcity of Canadian made products as well.

]]> 2022-04-12 13:20:30 UTC https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2140806548 kieranmurphy951 https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2140807034 The embedded video does a great job of showing the view scarcity and how companies market with artificial scarcity. In the video, the narrator encapsulates why and how companies get away with pushing artificial scarcity. The fear of missing out is a method used by companies to push sales that ordinary people wouldn't normally take purchase in. For example, a product that you have a small interest in goes on sale for 20% off for a limited time and a limited stock. The time it takes for you to think about if you really need the product is cut out and replaced by an arbitrary time limit. Most often than not people fall for the trap that is limited time and limited stock in fear of "if I don't get this now, then I never will." ]]> 2022-04-12 13:20:44 UTC https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2140807034 kieranmurphy951 https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2140813990 http://www.ideasunpacked.com/en/sustainability/learn-these-7-steps-to-help-address-resource-scarcity-in-your-supply-chain.htm
This website provides a list of potential methods of preventing or fixing scarcity. The website tackles the issue of growing global demand amongst a diminishing amount of natural resources. The website provide seven way to help manage the levels if potential scarcity out economy may face. Some of the methods include surveying the potential risks that may change the state of availability of these natural resources, working with the suppliers to workout possible flaws in the supply chain, and to educate the stakeholders that may have a say on the amount of resource used to lessen the impact on the resource. ]]> 2022-04-12 13:24:51 UTC https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2140813990 kieranmurphy951 https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2143638558 https://youtu.be/1cYMW5d_bn4
The final video I have chosen is a video of an instructor's experiment with his class. The experiment involves sixteen students and six chairs. The hope of the experiment is to come up with a way to deal with the scarcity cause by the lack of chairs. Some of the methods that the students came up with and enacted were, "first come, first served", seniority, merit (highest grades), a lottery system, and an auction. I like how this activity forces the students to come up with a solution in order to deal with a scarcity dilemma. The experiment teaches real world solutions to problems that economist may face everyday.]]> 2022-04-14 08:38:44 UTC https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2143638558 kieranmurphy951 https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2143639101 https://www.economicshelp.org/blog/586/markets/scarcity-in-economics/
What qualifies as a scarce resource? It mat be easy to confuse and conflate what a scarce resource is. Scarcity refers to resources that are limited and finite. The website I have chosen gets straight to the point of what "is" and "isn't" a scarce resource. Some of the examples they provide of a scarce resource include...
Land: an untapped body of land that contain minerals, oils and ores.
Water: Usually fresh running water.
Labour/Labourers: People who are willing to put in the time to see to a project getting done or something being made.
These are three of the main scarce resources, but others include healthcare, seasonal caused shortages, and transportation infrastructure. ]]> 2022-04-14 08:39:23 UTC https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2143639101 kieranmurphy951 https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2143639680 https://sustainablesociety.com/environment/farmland-loss
Scarcity of resources isn't usually something a Canadian citizen really has to think about; Canada being the second largest country and all. Although it is kind of true, Canada has one major flaw that is often overlooked because of the shear mass of the country. And that flaw is the lack of suitable farm land. The website I have chosen highlights just how much suitable farm land us Canadians have to work with. As we are now, Canada is losing thousands of hectare of farmland each year. The growth of Canada's population lead to urbanization and therefore the lack of suitable farmland. Canada is forced to rely on other countries more for resources. In addition, the current conflict between Russia and Ukraine can also be devastating for Canadians, because of both Russia and Ukraine are some of the world lead producers and exporter of wheat. This will undoubtedly create a scarcity of wheat products for Canadians, most likely cause an influx of pricing across the country. ]]> 2022-04-14 08:40:07 UTC https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2143639680 kieranmurphy951 https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2143913522 1. The thing that surprised me the most about researching scarcity is the methods and lengths that most companies use to increase sales of their products. As highlighted in post 9, companies use the fear of missing out tactics to increase their sales number by a large margin. I'm also shocked about how much it works. Thinking back, the amount of people who are willing to buy without a second thought is astonishing, as we've most likely all seen during Black Friday Sale for instance.

2. The real life example that comes to mind for scarcity is the Russia and Ukraine conflict. As mentioned before, Russia and Ukraine are leading exporters of wheat, and this war will impede on the production of it. Not only is this going to affect North America, but it's going to hit countries that don't have nearly as much economic wealth as Canada or the United States. This will undoubtedly cause scarcity of food to countries that don't have much food alternative as we do. This can lead to increases starvation of third world countries.

3.   If I were to pass the knowledge of scarcity to a friend or family member, I would tell them to invest into precious metals. This may sound like a weird answer, but with resources increasingly becoming scarcer, precious metals will most likely hold there value or even go up. Metals like gold and silver continues to go up. In addition, technology advancing like it is now gold and silver will be increasingly needed to produce circuit boards and computer chips causing an increase in demand.]]> 2022-04-14 14:02:46 UTC https://padlet.com/kieranmurphy951/ou2v287pdnduct3p/wish/2143913522