https://padlet.com/gabrielk21/gk_padlet Social 10H en-us 2018-12-28 22:49:07 UTC 2025-09-30 13:44:47 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Bagshop.png gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/316816183 Scarcity is the result of infinite wants and a lack of available resources.  As Human Beings, we try to maintain continuous production to meet our ever-growing needs and desires; however, the planet's natural resoures are limited.

Example: According to Ranker, 2.8 billion people already live with water scarcity but this number is only expected to climb as we continue to consume and use water at an incredibly fast rate. This is ranked as the world 2 most scarce substance and the earth used to be 75% water.]]> 2018-12-28 22:58:33 UTC https://padlet.com/gabrielk21/gk_padlet/wish/316816183 gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/316816398 International Monetary Fund (IMF) was established in 1945, and is comprised of 189 countries. The main goals of the IMF are to create financial stability and promote international trade and economic growth, thereby reducing poverty worldwide.]]> 2018-12-28 23:08:30 UTC https://padlet.com/gabrielk21/gk_padlet/wish/316816398 gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/316816563 Similar to the IMF, the World Bank is also comprised of 189 countries. Its focus is on rebuilding countries affected by war and conflict, and accelerating the economy. The IMF also allows countries to become independent in the sustainable development of their natural resources, and facilitates agreements for lont-term loans to improve economic productivity. ]]> 2018-12-28 23:16:17 UTC https://padlet.com/gabrielk21/gk_padlet/wish/316816563 gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/316816773 A non-renewable resource is also reffered to as a finite resource, which means that it cannot be reproduced by natural means to meet the rate of consumption.

An example of a non-renewable resource is fossil fuels such as oil. This is because oil is consumed and burned so quickly that natural and even aritficial means cannot produce enough of the non-renewable resource to meet the rate of consumption.]]> 2018-12-28 23:25:43 UTC https://padlet.com/gabrielk21/gk_padlet/wish/316816773 gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/316816925 A primary industry is one that is responsible for the removal and acquisition of natural resources.

Examples of primary industries include farming, mining, forestry, quarrying and fishing. In Alberta, two examples of primary industries include: Canadian Forest Products Ltd. in Grand Prairie (forestry) and KMC Mining, which mines coal (mining). ]]> 2018-12-28 23:31:29 UTC https://padlet.com/gabrielk21/gk_padlet/wish/316816925 gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/316817059 Supply and Demand is dictated by the market. It is the basis for determining price in a consumer-driven economy. Supply and demand refers to the connection between the amount of a product that a company provides at a determined price and the demand (quantity consumed by the general public).

An example of supply and demand is evident following the death of an artist, who then becomes popular and famous. Vincent Van Gogh only sold one painting while he was alive and it sold for about $109.  Following his death, more than 2,000 pieces of his art were sold and are now valued at millions. While he was alive, the demand for his art was low but there was significant supply. Following his death, the demand for his art substantially increased because there was a limited amount of pieces that could ever be created and sold. ]]> 2018-12-28 23:37:51 UTC https://padlet.com/gabrielk21/gk_padlet/wish/316817059 gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/316817562 A Laissez Faire Capitalism system is one that is free from government involvement and control, which means that it is unregulated and unmonitered. A Laissez Faire system is one that does not have tariffs or subsidies. ]]> 2018-12-29 00:03:05 UTC https://padlet.com/gabrielk21/gk_padlet/wish/316817562 gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/316817676 Unlike privately-owned companies, Crown Corporations are fully owned by the government but are managed like private companies. They provide services to Canadians that are essential but may not be financially beneficial to private companies.

An example of a Canadian Crown Corporation is Canada Post, the main mail carrier within the country. The company is owned by the federal government but is managed and operated like a private company.]]> 2018-12-29 00:08:17 UTC https://padlet.com/gabrielk21/gk_padlet/wish/316817676 gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/316817976 A subsidy can be described as financial assistance that the government gives to companies or individuals (i.e. farmers) to help them continue providing services or sell goods at a subsidized or reasonable cost.

An example of a subsidy in Canada is the Federal Summer Jobs Program. It gives subsidies to not-for-profit organizations, the public sector (various levels of government) and small businesses with less than 50 exmployees to give young workers a quality summer working experience, allowing them to improve their knowledge and skills. ]]> 2018-12-29 00:21:13 UTC https://padlet.com/gabrielk21/gk_padlet/wish/316817976 gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/316818102 Imports refer to goods or services that are brought into the country from other countries to be sold, and are a key element of international trade. Trade Liberalization (the reduction of tariffs), helps to increase the amount of goods exported to other countries.

Examples of common imports includes food, oil, and industrial materials (wood, mined materials, etc). According to an article by Worlds Top Imports, 58.4% of Canada's imports come from North American countries, while only 24% come from Asian countries.  The remaining imports are attributed to European imports. ]]> 2018-12-29 00:27:59 UTC https://padlet.com/gabrielk21/gk_padlet/wish/316818102 gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/316846005 Exports refer to goods or services that are sent out of a country into another country for sale. Exports and imports are closely related because when exports increase, imports will also increase as well. The demand for imported goods will lead to an increased rate of exported goods.

An example of exports is Crude Petroleum. This material is Canada's number one export and is shipped off to many other areas for sale. Exports help to bring money into the country through trade and sale.]]> 2018-12-29 17:25:52 UTC https://padlet.com/gabrielk21/gk_padlet/wish/316846005 gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/316846201 The HIPC is a program that was created by the World Bank, IMF and other similar organizations. The objective is to relieve pressure on extremely poor countries and gradually bring them out of debt. To-date, 36 countries (30 of them are in Africa) have received debt relief totaling $99 billion.

An example of a current HIPC is Rwanda. This is an extremely poor country recovering from genocide and extreme debt caused by taking loans that they cannot possibly pay back. They also lack natural resources and therefore many exports are agricultural such as their coffee and tea exports. According to KTPress, Rwanda is $2.8 billion in debt and this number is only climbing. The New York times say that the debt levels are climbing because Rwanda is investing in large projects for long term development.]]> 2018-12-29 17:30:54 UTC https://padlet.com/gabrielk21/gk_padlet/wish/316846201 gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/316846506 Outsourcing is used by large business and TNCs (Transnational Corporations) to reduce the cost of their product by moving means of production to countries where labour is cheap and government regulation is relaxed.

A good example of outsourcing is found at Google. They have outsourced requirements for IT workers, internet technicians, etc. to workers in India and surrounding areas. Instead of hiring local workers within the US, they hire workers from other countries because of cheaper labour costs.]]> 2018-12-29 17:39:50 UTC https://padlet.com/gabrielk21/gk_padlet/wish/316846506 gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/316846722 A tariff is a tax placed on imports (goods/services entering the country) and exports (goods/services leaving the country). This form of taxation promotes the growth of domestic businesses and economies. Trade Liberalization has opposed tariffs as their purpose is to increase Free Trade or trade without tariffs/taxation.

An example of a tariff is the tax that US President Trump placed on American steel. He placed a tariff of 25% on imported steel to promote the domestic steel industry within the US. However, this tariff has actually hurt American companies such as Ford because American steel companies cannot produce enough to meet the demand making the steel more expensive.]]> 2018-12-29 17:45:21 UTC https://padlet.com/gabrielk21/gk_padlet/wish/316846722 gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/316846902 In simple terms, Environmental Stewardship can be explained as the
responsible use and preservation of natural resources. Environmental Stewardship is a shared responsibility among governments, industries and citizens in an effort to help ensure that the limited resources we have remain abundant and sustainable.

The A&W Corporation is an example of a company that has implemented environmental stewardship.  In response to the environmental impacts of plastic straws on marine wildlife, A&W has replaced all of their plastic drinking straws with completely biodegradable straws made from recycled materials. A&W claims this will result in a reduction of 82 million plastic straws from reaching garbage dumps (and eventually oceans) each year.]]> 2018-12-29 17:50:27 UTC https://padlet.com/gabrielk21/gk_padlet/wish/316846902 gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/316847385 Fair Trade allows poor and developing countries to receive fair prices for their goods. This system also helps to ensure the sustainable development of goods and safe conditions for workers.

For example, an organization known as "Fair Trade", protects workers in developing countries. Fair trade products have to meet "fair trade" criteria and allow consumers to know what they are purchasing. These products ensure that standards are met, workers are protected and paid a fair wage for their work.]]> 2018-12-29 17:57:24 UTC https://padlet.com/gabrielk21/gk_padlet/wish/316847385 gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/316847903 The Tertiary Industry refers to the part of the industrial process in which services are provided to consumers. This sector of the economy refers to delivery of services instead of the production of goods.

For example, people working in this industry may perform roles such as hospital workers, teachers, bankers, dentists, transportation workers, etc. ]]> 2018-12-29 18:09:01 UTC https://padlet.com/gabrielk21/gk_padlet/wish/316847903 gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/316848054 John Maynard Keynes was a British economist, who opposed unrestricted capitalism. He beleived that economies with limited government action would all fail. He claimed that people with jobs would have money, resulting in a strong economy. When all members in a society have money to spend, the economy prospers as a result of consumerism. In short, he believed that the government should play an active role in a country's economy.]]> 2018-12-29 18:13:05 UTC https://padlet.com/gabrielk21/gk_padlet/wish/316848054 gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/316848766 Friedrich Hayek's views were contracty to Keynes because he did not have faith in the government and he was weary of its complete control over the economy. For Hayek, the government had no role in maintaining a healthy economy, and he believed that government's  regulations should not interfere with a competitive market. Unliked Keynes, Hayek was adamant that a competitive economy was enough to keep a country' strong and prosperous. ]]> 2018-12-29 18:24:53 UTC https://padlet.com/gabrielk21/gk_padlet/wish/316848766 gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/316848865 Unlike the tertiary industry that focuses on service delivery to citizens (medical, transportation etc.), the quaternary sector of the economy provides information services related to communication, computing and research and development.  This sector of the economy uses technology to provide information and training to other industries and sectors of the economy. 

]]> 2018-12-29 18:27:35 UTC https://padlet.com/gabrielk21/gk_padlet/wish/316848865 gabrielk21 https://padlet.com/gabrielk21/gk_padlet/wish/317134972 An example of a Free Trade Agreement (FTA) is CETA (the Canada-European Union Comprehensive Economic and Trade Agreement), which was established on September 21, 2017. CETA improves trade, removes tariffs, facilitates investment and ensures labour and environmental standards are upheld in both Canada and countries within the European Union.

]]> 2019-01-02 23:18:31 UTC https://padlet.com/gabrielk21/gk_padlet/wish/317134972