https://padlet.com/mfrack22/w8qjj9fmka0j en-us 2017-03-29 01:04:44 UTC 2024-11-17 23:00:41 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Manbag.png mfrack22 https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163292704 By:
Mike Frackowiak 100401611
Scott Slattery 100481563]]> 2017-03-29 01:13:14 UTC https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163292704 mfrack22 https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163294676 to our Padlet wall which will be discussing Scarcity and how it affects our money supply. 

Scarcity is what we in economics know as the basic economic problem. Something is scarce when it is limited in supply or demand. As you read through our wall we will discuss different factors of scarcity from a global point to the everyday life of a Canadian. ]]> 2017-03-29 01:29:14 UTC https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163294676 mfrack22 https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574304 2017-03-30 00:06:51 UTC https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574304 mfrack22 https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574370 2017-03-30 00:08:00 UTC https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574370 mfrack22 https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574389 2017-03-30 00:08:12 UTC https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574389 mfrack22 https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574432
              This website discusses how Scarcity is used in marketing by controlling the supply of a product to increase the demand and get consumers to buy. I thought this was a good read since we are exposed to this type of marketing everyday. It begins by stating the pros and cons of this practice. Next it shows how major companies like Nike and Adidas exploit profits by releasing a limited amount of a new product (ex. shoes). This creates a scarce amount of supply which makes consumers want to buy the product as soon as it is released. This also drives the price up as there is only a limited supply for the demand. The main goal of this practice is too increase the demand of a product. The pros cons and points for creating scarcity demand I found were very useful points to know and understand.

]]> 2017-03-30 00:08:58 UTC https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574432 mfrack22 https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574438          
  This website has a lot of good information on how water scarcity is affected by many different factors. Some of these factors affect our daily life and the markets such as Energy and Food production. "Nothing is more useful than water" A quote from this website I thought was dead on as without water life would not exist. As the population grows the water we consume is increasing to keep up with the demand for energy and food. In some areas water scarcity is at the physical level which means there is virtually almost no fresh water available which is forcing countries to find alternative measures to create a supply that can handle the demand. This is causing the cost of water to rise which has a direct effect on our economy. The piece of information that I found astounding is that as our population reaches near 7.4 billion people agricultural production must rise 60% to meat the demand. That means the cost every process that needs water to produce its product (energy, food etc.) will have to rise meaning the money supply will have to inflate devaluing our dollar.
            ]]> 2017-03-30 00:09:05 UTC https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574438 mfrack22 https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574471
               Video 2 is a  based on Water Scarcity one of the fastest growing global issues. Water Scarcity is a very serious threat that effects our money supply exponentially. This video begins by giving an overview on  our water supply and current consumption vs. population. It later explains how much water is consumed to produce food, and products that we use everyday. By 2030 total demand for water will exceed the supply. This will directly drive the price of water up. Already there are countries that are shown in the video who already pay almost 5-6 times more for water than we do in Canada. At the rate we are wasting water though we will be there eventually too. The most important piece of information I learned from this video was how fast the issue of Water Scarcity is rising and the effect it will have on our money supply.]]> 2017-03-30 00:09:29 UTC https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574471 mfrack22 https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574486

                             This website is an amazing read as it talks about scarce ideology and how it has been applied to oil in past and future generations. It begins by comparing oil to many other scarce claims in our history such as food supply, water or even rare earth elements. It then discusses how none have been under more scrutiny than oil though. The fact is though oil being scarce has never actually been the issue the issue is that we have too much oil. So when we refine too much at a certain time we drive the price down which effects the prices in our economy. This can be a great thing for consumers as lower gas prices are always a great thing. The problem with this is that it cannot be sustained as we would just burn through the oil at alarming rate. Also the cost of everything would go down. This could lead to a market crash though so oil needs to be regulated. One thing from this website that will stick with is how ethanol was a complete lie. People were convinced that oil could run it and so now 10% of gas is actually a ethanol mix. This actually causes us as consumers to pay 10 billion $ more every year to drive our cars.  

]]> 2017-03-30 00:09:37 UTC https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574486 mfrack22 https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574500
                  This video gives a quick overview on the topic of scarcity. We chose it because its simplicity really explains the topic very well. It uses great images and examples to relate to very common problems in society. The video begins by introducing the topic of Scarcity and how it is a supply/demand or wants vs. needs situation. Scarcity is really all about decisions that we as people or economists must make everyday to keep our lives/countries going. One example in the video is a person having to choose between a new computer or iphone. They choose the iphone and therefore could not get the new computer. This is a simple problem but it validates the point that sometimes we must make tough choices when we are scarce on money. The piece of information we found most useful on this video was at 1:47 the quote" The concept of scarcity explains why individuals and society make choices". ]]> 2017-03-30 00:09:56 UTC https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574500 mfrack22 https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574575
  Video 3 is a great example of how oil prices were manipulated through scarcity. In the early 90s it was said that the oil was running out and that there was only 34 billion barrels of oil left. This lead to the price of oil rising as the supply went down demand went up. This follows the natural economic distribution, but in this video the one reporter than says we have already recovered 50 billion barrels since that announcement. So what gives well the video says that investors had been buying up the oil stocks and selling them on the futures market and the hope is they sell it before they have to meet on their obligations. At one point they were trading 27 barrels a day on the stock market for every 1 barrel of oil consumed. This means that they were buying and selling oil for a demand that did not even exist at the time. This lead to investigators saying that something was driving the price up which made no sense since the supply kept rising the price should of went down. This was a great video and would recommend it to anyone studying scarcity. One thing that we will remember from this video is that we cannot always trust the information that is provided to us, as was the case with oil. People lied just to make more profit and this had a great affect on our economy as gas prices even today still rise.]]> 2017-03-30 00:10:43 UTC https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574575 mfrack22 https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574587
                   This first image is a price vs quantity graph. The two lines intersecting show Supply(s) in purple and Demand (D) in green. The middle point shows equilibrium. This graph is a great representation of how supply and demand affect the money supply in our economy. If something is low in demand and high in supply it is worth less, if something is low in supply but high in demand the price increases. A great example of this would be the rising prices of gasoline as the supply for fossil fuels depletes the demand goes higher which drives the price up. This is because oil is becoming more scarce and harder to refine. The most valuable piece of information from this graph is that Supply and Demand are inversely proportional.

]]> 2017-03-30 00:10:51 UTC https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574587 mfrack22 https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574597
This image shows the projections for 2025 of Water Scarcity in the world. As Scarcity goes up so will the price of water effectively draining our money supply(inflation). In places with red or physical Scarcity there is not enough water to meet the physical demands of that economy. We live in a blue area meaning we are only using roughly 10-20% of our supply. In Canada we are lucky to have the most fresh water in the world as it really helps keep the price down. But as Scarcity increase so will the demand for water which could be beneficial(for people who stand to make a profit) but a problem for most in the future.]]> 2017-03-30 00:10:57 UTC https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574597 mfrack22 https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574610
                                        We chose this image because it shows the price of a barrel of oil vs the world oil supply. Now the graph looks like it has a steady flow as demand increases price drops. If you look closer though at the scales you can see that the world oil supply had only risen changed only by 7 m b/d where the price dropped almost 90$ per barrel. This is a dramatic change in price for such a small increase in world supply. This is the kind of effect that scarce ideology can have on our economy which had a direct impact on our money supply. We still remember in 2012 when prices got as high as 1.40$ a liter when they actually probably could have been 70 cents or less a liter. ]]> 2017-03-30 00:11:04 UTC https://padlet.com/mfrack22/w8qjj9fmka0j/wish/163574610