3 Economics Questions by Joshua Clarke https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no Made by Ali, Kevin & Josh en-us 2021-12-03 20:22:27 UTC 2023-02-24 16:03:29 UTC hello@padlet.com Welcome joshuaclarke905 https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1928114968 Hello Everybody, our group consists of Joshua Clarke, Kevin Otoadese & Ali Jaber, and we will be discussing the top 3 most common economics questions. The 3 Questions are as following: 
  • What goods and services should be produced?
  • How should these goods and services be produced?
  • Who consumes these goods and services?
]]> 2021-12-03 20:29:38 UTC https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1928114968 alijaber1 https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932051981 This is an example of how goods are produced through businesses and who purchases them using Inputs like labor, Capital, Land and Entrepreneurship.With these inputs from households, businesses are able to produce and sell products and services back to the households. These goods and services are called Outputs. These Outputs are purchased from the households.]]> 2021-12-06 19:59:44 UTC https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932051981 What are Producers, Consumers, Goods and Services? alijaber1 https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932068086 The videos goes in depth on what exactly are Producers, Consumers, Goods and services. It is very important to have a good understanding of what each of these terms are and how to work together in an economy. All these terms are very important factors of the three questions societies face and without them and economy would not be able to function. This video also explains how Producers and Consumers use goods and services as a way of life and goes in detail of how these terms form a ongoing economic cycle. I believe good knowledge of these terms would excel the overall understanding of how the 3 questions are used.]]> 2021-12-06 20:09:11 UTC https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932068086 Examples of goods and services that are used in Canada and how they are funded alijaber1 https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932086728 This video shows and explains great examples of how goods and services are used in a Canadian society and how tax dollars are used to fund important services. An example of good seen in the video includes items in the grocery store that are purchased. These items like water, fruits, vegetables etc are also examples of typical goods we see every Canadian purchase in their everyday life. Our tax dollars also are used for many services us Canadians use. For example free schooling for children and free medical care. The services are crucial for us Canadians to make sure our society is healthy and educated.]]> 2021-12-06 20:20:18 UTC https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932086728 How the economic questions specifically apply to Canada alijaber1 https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932092507 This site goes into great detail of what resources are found in our economy here in Canada. We are lucky to have many resources such as Iron ore, nickel, zinc, copper, gold, lead and other stuff available for us locally. We also have access to lots of fish and wildlife for food and Coal and petroleum/ Natural gas for power and fuel as well. The website also talks about Agricultural products available for us to use such as fruit, vegetables and dairy products. The website also mentions Economic problem Canada faces which is a good amount of unemployment and poverty and Over depletion of natural resources.]]> 2021-12-06 20:23:59 UTC https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932092507 Who is consuming and their habits? joshuaclarke905 https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932618480 This video goes in depth of how Canadians spend and their likely habits, with multiple different types of buyers they are multiple different directions that our economy could go in. In specifics, the video breaks down types of spending, where the good and consumption service is happening, how the pandemic is affecting it and how it will affect it in the future, and much more.

?I chose this video because after watching it I thoroughly understood the thinking process of some Canadians and what goes through their minds before making a purchase]]> 2021-12-07 03:07:00 UTC https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932618480 The Basics joshuaclarke905 https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932641387 This site speaks about the basics of economics and the variables that come with these 3 basic questions, the site has mentions of the monopoly, equilibriums, and such, but when we really focus on the 3 main questions at hand, it really just is a matter of who is purchasing the products and what type of market you are in. Companies will fulfill the demand by supplying enough product in the first place (also brought up in the website), how they are produced is a matter of what industry you’re looking at, food will originate with farms getting the necessary ingredients and such, retail will be made in factories as it is mostly sewing and/or printing.

This website does a great job of really breaking down the basics of economics and the answers to these questions, it really makes it understandable for beginners, and this is definitely a site I would recommend to somebody just starting in economics.


]]> 2021-12-07 03:22:42 UTC https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932641387 Consumer habits joshuaclarke905 https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932651676 This picture shows the different reasons that consumers will be purchasing product, in this diag4ram you can see that some purchases are necessary for just living, but some purchases can be made when you just have enough money to do so, this really breaks down the question of "who consumes these goods and services" as you can see what specific people are buying specific things]]> 2021-12-07 03:29:43 UTC https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932651676 What the 3 Economic questions mean and types of economies alijaber1 https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932697719 This Website talks about the types of economies and how they all are different. This is important to note because you must identify the type of economy your country is before being able to answer the three economic questions. The types of economies include: Traditional, Centrally planned, Market, and Mixed economy. The Canadian economy is defined as a mixed economy. Mixed economies are when the government takes care of peoples needs, and the Marketplace takes care of people’s wants. This creates a balance of wants and needs. This economy is also called a free enterprise economy because businesses and consumers decide what they will produce and purchase and in what quantities.]]> 2021-12-07 04:04:06 UTC https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932697719 covid effect on the economy and goods and services isimenmeotoadese https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932698912 At the start of Covid and around 2020 Canada was seen as being in a particularly vulnerable position and this affected the the production of goods and services in the country. The production of oil was substantially lowered as well services in terms of jobs which heavily effect the overall production of Oil as a whole. With these new issues, people needed banks, as well as the Canadian government, to provide aid to people especially those that lost their jobs.These aids became important because the ability for people to provide service was heavily effected due to the pandemic . The average Canadian consumer can not afford to pay ahead again aiding with the idea that even with higher demands for goods like groceries it is hard for people to afford them with the job rates being effected. Also, Canadian didn’t have as much goods available for purchase with the pandemic in places because with many people jobless it was hard to receive certain goods that were available before the pandemic.


]]> 2021-12-07 04:05:14 UTC https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932698912 goods and services isimenmeotoadese https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932701286 When talking about the current thing in demand in service jobs in Canada right now then we would be talking about jobs such as  "transportation, economic, health care, construction, banking, communication, retail, tourism and government".  with the cost in housing, the supply of houses in the desired provinces fails to meet the demand, and as such housing prices are steadily rising to create an issue for the current generation.The financial services demand has also rising a lot in recent years and one can assume it is because of the importance of finance now in todays world. CMA tend to have the highest concentration of service jobs.


]]> 2021-12-07 04:07:13 UTC https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932701286 Reflective Questions alijaber1 https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932714216 1) Something I learned that surprised me the most is the multiple types of economies how much they really differ and affect a country. We are lucky as Canadians to have a mixed economy where we have the freedom to purchase and make as much as an item as we want, whereas other economies have limited resources or are regulated differently by the government where they don’t have as much freedom like us.
2) A real-life example that could be related to this topic is everyday purchasing that we participate in every day, and readers can likely relate to it as well. Businesses and corporations have to answer these questions every time they roll out with a new product, and how well they answer and/or narrow down the answers to these questions, will define how well their product will sell. Pinpointing your audience is key.
3) Some knowledge I can pass to a family member and friend that is the most important is the importance of the production and consumption of goods and services. Canadians need to understand the it is important to be employed and help produce goods and services for other Canadians and workers themselves to be able to use.]]> 2021-12-07 04:17:50 UTC https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932714216 image isimenmeotoadese https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932747213 As shown in the image , in 2016 between housing , healthcare and food most Canadians desired hosing followed by good healthcare before looking at things like food, transportation and education. The desire for housing followed a steady rise and then a huge spike between 2001 and 2007 , the same applies for healthcare while the want for food more or less stayed the same and transportation having a steady rise coming close to the need for food. Using everything else we have learned the need for various services supports or correlates with need/wants for various goods and peoples ability to obtain them while supporting the economy and aiding it in its overall growth.]]> 2021-12-07 04:47:46 UTC https://padlet.com/joshuaclarke905/yo7wb3fh60m0m2no/wish/1932747213