https://padlet.com/onyedikachukwuc1/u691cyyzvxw8 My sketchnote en-us 2018-12-09 20:03:54 UTC 2025-06-03 14:06:52 UTC hello@padlet.com onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703815 Privatization is when the government chooses to sell certain public services to private companies, this is a way some governments choose because it eliminates the cost of maintaining the services for the government and it raises cash for them too.]]> 2018-12-09 20:03:54 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703815 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703816 Non-Renewable Resources are resources that are available in limited supply, meaning their not infinite and (if used too much or for too long) will eventually run out and we can't make more of it after its all gone or we can't wait or survive long enough for more of it to be made.

EX.
Coal is an example of a Non-renewable resource because the earth cannot replenish it. The process to create coal takes millions of years and the earth and its people cannot wait that long for it.


]]> 2018-12-09 20:03:54 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703816 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703817 Outsourcing is when a Country (usually a powerful, developed country) hires another country (usually a developing country) to mass produces goods and services for them. Countries usually do this because of the country they outsource to have little rights for the workers, meaning the workers can work for long hours and get little pay, this allows the main company to have to pay less for labor but still reap the benefits of sales and profits.

Ex.
An example of Outsourcing would be the U.S hiring workers in India to handle telephone customer service. because they are hiring another country to perform a service for them.]]> 2018-12-09 20:03:54 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703817 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703818 A sweatshop is a business/workplace where the workers are placed in poor working conditions. Usually working long hours with little pay, and are in horrible environments. Sweatshops are usually located in less developed countries who are trying to sell their products to TNCs; because in a less developed country, human rights aren't as enforced as ours, so having workers working terribly long hours, receiving little pay isn't illegal. the workers are paid little and the ones in charge make a lot of money. 
Ex.
H&M is the second largest clothing company, but how they do this is by getting clothes imported to them by sweatshops located in Bangladesh, where the  workers work in dangerous conditions for long hours are paid little for their hard work, all so the big companies pay little for the products are profits greatly from the sales]]> 2018-12-09 20:03:54 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703818 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703819 GATT (General Agreement on Tariffs and Trade) is an agreement made by some countries (during the Bretton Woods agreement) to try to break down trade barriers such as Tariffs and make trade "free". ]]> 2018-12-09 20:03:54 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703819 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703820 Supply and Demand is the amount of a certain service or product that can be made/supply and the desire of consumers to get it. Sometimes it is low supply and high demand then the prices of the products/services will go up in price as to maintain a state of equilibrium when demand is low and supply is high then the prices will drop (so people now see the new lowered priced and want to buy it).
Ex.
An example of supply and demand would be if corn crops are plentiful over the span of one year (high supply), there are more crops than people usually buy (low demand), to get rid of the excess supply of corn farmers will decrease it price so people are encouraged by the low prices to buy as much as they can before the prices go back up (as to store for future accusations).]]> 2018-12-09 20:03:54 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703820 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703821 A tax placed in goods and services imported into a country. Products made overseas have taxes placed on them so they cost more than the exact same products but made domestically, so consumers are persuaded to buy the products made in their home country. This reduces competition because this limits the choices of the consumers because they will choose the cheapest one (the one made in the home country).
Ex.
An example of a tariff could be if a country exported meat and poultry to Canada for $100, a 20% tariff would mean they exporting country has to pay an extra of $20 to export to Canada, so now the country meat and poultry sell for $120 at the store while the domestic (at home) meat and poultry costs $100 so this limits competition.]]> 2018-12-09 20:03:54 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703821 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703822 Exports are goods and services sold to other countries/nations. Export are viable methods for countries to sell the goods/services that their country produces to other countries. The country which exports their goods gain revenue(money), and the country that receives the exported goods to get the product that their citizens want.
Ex.
Canada has a large amount of maple syrup, but other countries cannot produce it due to various factors. So we export them out to those countries, this way we made a profit out of the goods we export and the receiving country gets what their citizens demand.]]> 2018-12-09 20:03:54 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703822 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703823 Imports are goods or services brought into a country. Many countries get things that cannot be made by them imported from other countries to make sure that they have the goods or services to meet their citizen's needs and demands.
Ex.
Canada has many things imported into the country because it is not produced in the country but is in demand; such as bananas, which cannot be produced here because of our environment is not suitable for growing them but they are in demand by citizens. ]]> 2018-12-09 20:03:54 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703823 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703824 Hayek believes that the government should protect the market by making sure its rules and laws don't interfere with competition between businesses. He believes that competition and the market contribute to a healthy economy, and the government shouldn't interfere with that.]]> 2018-12-09 20:03:54 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703824 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703825 Keynes believe in government involvement and that the government should have programs to hire the unemployed. This way they have money to spend on goods and services, which will influence business (needed manpower to generate more products to meet the demands of the people) to rehire laid-off workers.]]> 2018-12-09 20:03:54 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/312703825 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/314864910 Knowledge Economy is usually in 1st world countries, it is when a business/individual uses newly made technologies or ideas to go about doing normal daily things. The media is an example of a knowledge economy, using knowledge and research and new ideas, we were able to create a platform in which we could interact with other people without having to "actually talk to them". Most developing countries do not have this type of Economy because they don't have the machinery and industrial ideas to create high tech products.]]> 2018-12-15 04:56:24 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/314864910 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/314914818 Scarcity is the state in which a certain commodity is limited or at a shortage. When a certain commodity is lacking, that commodity is considered "scarce"; when this happens, usually demand for the commodity goes up (because now people now want it before it run out) and businesses will increase the price of the scarce commodity as to maintain a state of equilibrium (since they have a small amount of the commodity, if they increase it in price then they still make a profit out of it).
Ex.
When a hurricane hit and incapacitated oil refineries on the Gulf Coast (USA) and produced a shortage in oil production, oil prices increase because of the possibility of scarcity of gas for vehicles.



]]> 2018-12-15 19:43:43 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/314914818 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/314915358 Communism is an economic and political ideology which was supposed to eliminate classes in society (rich and poor), everything belonged to the public (government), there was no "this is mine alone" in this ideology. Everyone worked hard of the good of everyone and were paid equally, the poor were raised up into financially stability, and the rich were also brought down to the same financial stability as the poor, everyone would be in the same class. ]]> 2018-12-15 19:52:27 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/314915358 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/314916819 An economy is a system that decides how goods and service should be distributed and used throughout the country. This is like how the production certain goods and services should be and how certain commodities should be distributed among people and the consumption of things. There are different types of Economy, but they are all based on the values and beliefs on how things should be run in society]]> 2018-12-15 20:19:20 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/314916819 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/317343998 Environmental stewardship is the belief that people should be responsible and act to look after the environment/earth and keep it safe for future generation to also meet their needs. This means wasting fewer materials, using fewer things, etc; all things that factor into harming the earth and its resources. ]]> 2019-01-03 22:03:10 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/317343998 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/317345014 Ecological Footprint is how much a person/economy uses (how much of earth resources and land) to meet their needs and demands and how much waste to they produce. 
Ex.
People from Canada (a developed country) have a larger ecological footprint than someone from a developing country such as Nigeria, this is because in Canada people have good jobs and can afford to buy consumer goods like entertainment, cars, etc. This requires a lot of resources to produce and maintain, like buying fuel for your car and electricity for maybe for technology. This also creates a lot of waste (like smoke in the air which came from your car). While someone in Nigeria (having little to no access to electricity and not enough to afford a car) consumes fewer resources than Canadians and produces less waste so they have a smaller ecological footprint than Canadians.]]> 2019-01-03 22:15:05 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/317345014 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/317346482 Sustainable prosperity is the practice of environmental stewardship. It is finding a way to meet the needs and demands of the present without harming the ability of future generations to also meet their needs and demands; this means keeping the environment safe and healthy so future generation can also harvest its many resources to meet their needs.
Ex.
When the Nova Scotia government proposed a legislature called the "Environmental Goals and Sustainable Prosperity Act" which says the health of the economy, environment and people of the province were interconnected. The bill aims to reduce greenhouse gas emissions, the amount of garbage going to landfills, and encourages people to produce electricity from renewable sources. This was to help reduce the damage we are causing to the earth and ensure that future generations have their needs met and still have a healthy planet to live on. ]]> 2019-01-03 22:35:36 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/317346482 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/317347337 Protectionism is the practice of protecting a country's industries, goods, and service from foreign competition by placing taxes on imports, so this way people are persuaded to buy the cheaper things (which is the one made in the country and has no tax placed on it). This is a way a country protects its local businesses from competitions with foreign imports.

Ex.
 An example of protectionism would be when a government places a tariff on imported goods and service coming from foreign countries, with this the goods and service imported would cost more than the one in that country so the consumers are persuaded ( by the price) to buy the one made that is "homemade", this way local businesses aren't competing with imported products from other countries]]> 2019-01-03 22:47:33 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/317347337 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/317347873 Primary Industries are industries that focus on obtaining raw materials/resources from the land which they give to other companies (or by themselves) to turn into various commodities and goods for consumer uses.

Ex.
An example of a primary industry would be a mining industry which extracts valuable materials and minerals like coal from the earth and then transports them to powerhouses to be turned into energy and other useful thing people need.]]> 2019-01-03 22:54:47 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/317347873 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/317348163 Secondary Industries are industries that turn the materials/resources giving to them (usually by Primary industries that ship it to them) or obtained by them into products for consumer uses.

Ex.
An example of a secondary industry would be a fossil fuel power plant, which takes coal, natural gas, and petroleum giving to them by primary industries or obtained by themselves and convert it into products (electricity) for consumer uses.]]> 2019-01-03 22:59:50 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/317348163 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/317604890 Maquiladoras are factories usually found in developing that are under the control of a foreign control which of a developed country, the factory exports their products to the developed country controlling it. Many believe it is good because it provides jobs for many who are unemployed but others say that the power companies are just going to them for production because of their low labor laws and low human rights laws, so the workers can be worked tirelessly and get paid little (which results in big profits for the large companies)  and that it takes jobs from workers in the developed countries too (cause in the developed countries they have to pay more to the workers than developing countries)

 

]]> 2019-01-05 20:00:49 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/317604890 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/317705761 Foreign debt is when one country borrows money from another country to do various things, but after they borrow it they soon need to pay it back. Foreign debt is the amount a country owes another country/institution after borrowing from them.

]]> 2019-01-06 22:38:27 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/317705761 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/317706451 An example of a Tertiary Industry would be a school because they provide services to people (which is teaching them).

]]> 2019-01-06 22:50:03 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/317706451 onyedikachukwuc1 https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/317706647 An example of a Quaternary Industry would be a consultancy because they provide information services about businesses (like how to fix one or make it better, and the best ways to start one).]]> 2019-01-06 22:53:46 UTC https://padlet.com/onyedikachukwuc1/u691cyyzvxw8/wish/317706647