Scarcity By Jessica Umute by Jessica Umute https://padlet.com/jessyu85/p80p2uncdymqzle8 More than just an empty refrigerator en-us 2020-12-05 23:47:33 UTC 2024-11-21 14:09:43 UTC hello@padlet.com Video #1 jessyu85 https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996795693     The video talks about how scarcity brings out the competitive nature of people, and the downside of it, which is leading to selfish behaviors. The video explains how people in every walk of life experience scarcity one way or the order. 
     I chose this video because it shows how scarcity can affect the consumer behavior. It shows an area of scarcity that is at times ignored. Whether the poor, middleclass, or upperclassman, they all experience feelings scarcity, though maybe not on the same level. The feeling or idea that something is scarce, or might become scarce, causes people to act in ways that are self beneficial. That feeling can also be twisted to promote decent behaviors, though around that ‘what's-in-it-for-me’ attitude. 

]]> 2020-12-08 03:24:01 UTC https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996795693 Video #2 jessyu85 https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996800455       The video explains that those who lack resources experience a reduction in IQ than those with a lot more. Attentiveness is differentiated between the two groups, with those who lack more being less attentive to certain things which in turn affects their decision-making ability. 
     I chose this video because it exposed me to a lot of new information as I had no idea of the effect scarcity had on the cognitive function. The video explains that the poor are prone to making weaker decisions and gave a good example of having done a survey where people were randomly designated rich and poor, and a menu was given where they had to make a meal choice. Those who were poor didn’t notice the discount written at the bottom of the menu while those who were rich did. This shows that scarcity induces neglect of savings opportunities which in turn gives rise to even more scarcity. It is a vicious cycle indeed. The video went on to mention that this impairment is equal to a drop of 10-30 points in IQ, which also is equivalent to a loss of one night of sleep or aging 50 years between ages 40-60. 

]]> 2020-12-08 03:27:12 UTC https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996800455 Video #3 jessyu85 https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996804178      The video mentions that 40% of Canadian SME’s, which I have found to mean small and medium sized enterprises, are finding it difficult to find employees. It mentions that the reason for this is the aging population in Canada, and states that it is bound to increase in the next decade. The video mentions that this scenario is not getting better anytime soon, and that the only way for businesses to triumph in the face of this issue is to change their hiring strategies.
     I chose this video because it not only addresses the reality of labor deficit in Canada, but the reason for it.  But how do firms deal with the labor scarcity? The video highlights that there should be a focus in hiring young people, those who are at the stage to retire, and also immigrants. I believe that the rationale to this is that young people are essential in carrying on the future of a company and making it long lasting. Also, the age to retire is far off from them. Immigrants make a diverse workspace, and they are also a huge part of Canada's economy. These group of people should be targeted in order to fight the shortage of labor in the country. 

]]> 2020-12-08 03:29:39 UTC https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996804178 Video #4 jessyu85 https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996812655      This video explains that those who lack more put much of their mental capacity into handling scarcity that they are not able to focus on anything else.  It talks about how those who have more aren’t moved much by expenditure and those who have less are very attentive of prices, which is all as a result of the level of scarcity one experiences. 
     I chose this video because I found it very interesting, it really went deep into trade-offs, which is an outcome of scarcity. The video goes deep into attention and its association with scarcity and it has given me a better understanding of the framework of scarcity.  What I found unique about this video is that it mentions that the mind is usually devoted to thoughts about the source of scarcity than anything else. Scarcity puts a drain on the cognitive function that leaves you with less mental space to focus on other things, it limits attention.

]]> 2020-12-08 03:35:36 UTC https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996812655 Image #1 jessyu85 https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996814874      This image reveals the situation of food banks across Canada, where they are experiencing a spike in demands but a drop in donations. It also represents the current state of Canada in which the global pandemic has forced us into, where there is a shortage in food supply amidst the growing demands of those who are already food insecure. 
     I chose this image because of the link between scarcity and demand. And I thought that it would be good to show the effect demand has on scarcity. This shortage in food supply around the country has also caused the prices to spike, which is also as a result of the increase in demand. This clearly shows the association between scarcity, demand, and price. 

]]> 2020-12-08 03:36:55 UTC https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996814874 Image #2 jessyu85 https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996818954      This image represents the shortage of physician services in Canada, as supported by research which says that Canada ranks 29th out of 33 high-income countries for the number of practicing physicians respective to its population. 
     I chose this image because I felt that it would be good to show that scarcity can also show itself in the shortage of professionals. This scarcity in medical professionals can be seen in the long wait times for medical consultations and the difficulty that Canadians face in finding family doctors. I am sure that each of us has experienced this in one way or the other, now you are aware of the root cause, a lack of these physicians in the overall nation.

]]> 2020-12-08 03:39:39 UTC https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996818954 Website #1 jessyu85 https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996822278      This website explains the shortage of drugs in Canada. It mentions that between 9,000 drugs that were marketed between 2017 and 2018 only 25 percent were reported in shortage. Drugs such as EpiPen’s and other treatments for Parkinson’s disease and depression were also included in this shortage. It was seen that the shortage of drugs were more likely due to high demand, a shortage of raw materials, that they were produced by a generic company and there were no competitions, and that some drug makers might not find them profitable. 
     I chose this website because I really enjoyed its talk on the shortage of medicine. I found it unique because it brings this to our attention as I am sure that a lot of us had no idea of this deficit. The lack of competition of other drug suppliers reduces the prospects of other options and from our classes you will know that when a supplier feels that a product isn't bringing enough profit then supply will reduce until things pick up. This shortage poses a serious problem as many depend on certain drugs to maintain livelihood. The websites talks of a woman who depends on a certain drug to even leave her house, this is how essential the drug market is.

 

]]> 2020-12-08 03:41:57 UTC https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996822278 Website #2 jessyu85 https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996836384      This website explains the strain on water ongoing in Canada. What I learned from it was that Canada’s water price is among the lowest amongst countries and that causes overuse, which is a factor to its dwindling supply. The website mentions that the majority of Canada’s population live in the south, this is very interesting statistics that is good to know.
Also, it states that 60% of its renewable water drains to the north so access is limited. Provinces like Alberta, Manitoba, and Saskatchewan are more arid than other parts of the country. Arid in this case means barren to the growth of vegetation.
I chose this website because it brings to our awareness that some regions are finding water scarce. And I believe that the barren nature of their land has led to an increased focus on agricultural activities. These regions would have to put in a lot of effort to ensure the availability of food, foregoing things like water as this is used up to treat the land and grow vegetation. The website notes that an Increase of agricultural and industrial activities, and also an increase in population  as the expansion of people will cause an imbalance in available resources, has led to a spike in water stress in parts of these provinces, and more is expected in the coming decades.

]]> 2020-12-08 03:52:44 UTC https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996836384 Website #3 jessyu85 https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996840174      This website talks about the shortage of Engineers in Canada. What really got my attention while reading this was the statistics. It is mentioned that in Canada there are a little over 250,000 engineers employed, by 2020 95,000 of them will go into retirement. They say that engineering programs graduate 12,000 engineers each year, and if you do the math that is not enough to replace those who are retiring. Why is this so? In the article, it mentions that there aren’t enough young people who are interested in STEM fields. 
     I chose this website because it supports my talk on the scarcity of professionals. And I thought it good to show that scarcity can be seen in other areas. What also surprised me was the fact that 62% of employers mention that new engineering students don’t have the skills they need, and that is a very large percentage of employers. How do we fill this gap? By sparking the interest of STEM fields in the younger generation, also transforming the curriculum so that students are being taught skills that are of high demand.

]]> 2020-12-08 03:55:31 UTC https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996840174 Website #4 jessyu85 https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996844032     The strain on resources have been a problem for physicians all around the word, including Canada, and as mentioned in the article it is expected to continue even when COVID-19 subsides. 
     I chose this website because it talks of something heavy that we are all currently experiencing. I found this website unique because it talks about the scarcity of healthcare resources during the pandemic and dives into what Canadians are and can do to alleviate or work around this.  The website mentions that to manage this constraint many provincial medical officers of health have ordered the reduction of non-essential medical services, there is also the redirection of patients to public health or hospitals where they meet the criteria of potential COVID-19 infection and relying on virtual care where possible to keep in contact with patients suspected of COVID-19. These measures aids to save time and help manage resources in the health care facility. By doing all these they are allocating more of their resources for matters of top priority, like the high influx of COVID-19 patients. This is a good example of the trade-off that follows scarcity.

]]> 2020-12-08 03:58:22 UTC https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996844032 Welcome! jessyu85 https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996845344 Hello, and welcome to my padlet on scarcity. I hope you will find it most thrilling, as you will learn about  the many forms scarcity can take. It is not just a lack of food and water, but so much more. You will learn about the overall framework of scarcity, how exactly it affects human behavior and the weight of it on society. You will learn of the association between scarcity, demand, and supply. ]]> 2020-12-08 03:59:20 UTC https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996845344 What about scarcity surprised me the most? jessyu85 https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996908722 What really interested me when working on this topic was how scarcity has so much depth. Scarcity can affect so much, and it isn’t just an absence of food and water, which is what usually comes to mind when one hears of scarcity. I learned that scarcity can reduce the IQ between 10-30 points. I learned how it has a hand in affecting each of our daily lives, from our work to our education, that as individuals we can be so caught up in thoughts of the source of our scarcity that we remain redundant. I learned that in our effort to solve scarcity we can end up increasing it. I learned that every individual experiences scarcity, and this is all based on our own perception of what is scarce in our lives. Scarcity escapes no one, sadly.

]]> 2020-12-08 04:43:16 UTC https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996908722 How is this topic relevant in my life? jessyu85 https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996917157 Well, as a student, I found it interesting, and worrisome that our IQ's diminish a month to our final papers. This I got from video number 2. It got me thinking, that since the reduction in IQ is as a result of scarcity, what do I as a student feel that is scarce a month before my final paper? Time, I feel that time is scarce. ]]> 2020-12-08 04:48:55 UTC https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996917157 The most important Knowledge I would pass on to a friend or family? jessyu85 https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996922997 The most important knowledge I would ever pass on, is the effect of scarcity on our behaviors. I would inform them that our selfish attitude is at times as a result of that feeling of scarcity. I would inform them of how the feeling of scarcity plays a huge role in our decision making process, so that they would be more conscious of this when needing to make decisions.]]> 2020-12-08 04:52:42 UTC https://padlet.com/jessyu85/p80p2uncdymqzle8/wish/996922997