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Welcome to CIA4U1
Semester 1 2012-2013Ms. LeMoine
• Here we will look at economic basics:
UNIT ONE: INTRODUCTIONUNIT ONE: INTRODUCTION
The Who:
not to be confused with The Who
• the what
• the where and when This one is easy: -
everywhere and always
• the why
• and, of course, the sixth “w” how
and thus in summary...
Get it? Well, stay tuned...more to come.
Now, a little bit about economics itself.
Economics Defined:• Economics is the science
and use of goods and servicesthat deals with the
production, allocation,
The Dismal Science Thomas Malthus (1766-1834)
• Okay - Economics doesn’t have the best reputation - then again neither do economists.
If all the economists in the world were laid end to end, it wouldn't be a bad thing. Peter Lynch
If all the economists were laid end to end, they'd never reach a conclusion. George Bernard Shaw
If economists could manage to get themselves thought of as humble, competent people on a level with dentists, that would be splendid. John Maynard Keynes
• It is often said that if you put ten economists in one room to solve a problem you come out with eleven solutions.
Meet Adam Smith and Karl Marx.
(More on them later)
• How can this be?
UNIT TWO: MICROECONOMICS•
IT’S REALLY ALL ABOUT SUPPLY AND DEMAND
• Scarcity
• Resources
• Opportunity cost
• Needs vs. Wants
• Choices
• Decision Making
First the basics
• Then a closer look at Supply and Demand
The Laws
Pretty simple really - they either go up or down.
The Curves...first alone
Demand Supply
...and then together
And finally...The elasticity of Supply and Demand
Yup, it really has to do with how changeable supply and demand
are.
Then we look at Business Structures
What’s the difference between Jim’s Pizza Palace, IBM, Canada Post, and Mountain Equipment Co-op?
Which is better?
Can you say Oligopoly?
Well, anyway, it’s basically about competition.
And Market Structures
What is Monopolistic Competition?
• Corporate Concentration
• and Cartels - legal and otherwise
Unit two concludes with a brief look at
• YEAH Macroeconomics! Well...it’s better than Micro anyway.
UNIT THREE: MACROECONOMICS
How do we measure activity in the economy?
• GDP
• - Gross Domestic Product
• CPI
• - Consumer Price Index
• Labour Survey
• CLI
• - Composite Leading Indicator
How do we control economic activity?
Do we let the invisible hand run amuck or...
...do we use:• Fiscal Policy
and/or
• Monetary Policy
And this leads to: Money and the Canadian Banking System
UNIT FOUR: ECONOMIC DECISION MAKING
The Welfare State
hmmm...do you think it’s working?
Yeah Taxation!!!!Quite simply you can’t live with it...
...and you can’t live without it.
But is it working anyway?
UNIT FIVE: THE GLOBAL ECONOMY
• Trade:
• Globalization
• Economic Development
• Globalization
• Economic Development