cia 4u1 note - intro...

CIA 4U1 Note Intro 1.notebook

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September 09, 2013

Economics at a GlanceAn Overview

1. What is Economics?2. Incentives3. Laws and Fallacies

4. Synthesize

Introduction


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September 09, 2013

Incentives

What can we say about our understanding of human motivation?

How do we make choices?

Illustration: working on commission


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September 09, 2013

Incentives: Fallacies in Economic Thinking

Three Fallacies

1. The Fallacy of Composition"All for One and One for All"

2. The Fallacy of Cause and Effect (Post Hoc)3. The Fallacy of Single Causation


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September 09, 2013

Economic Laws delicious

Does a nation's wealth have anything to do with the health of its people?

Does health improve with wealth at a constant and proportional rate?

Is it equally as economical and cost effective in all countries and at all levels of spending?

Why might this be important to know and understand? What other fields could the knowledge be used in?


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September 09, 2013

deliciousEconomic Laws


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September 09, 2013

Economic Laws

Law of increasing relative opportunity cost

What is it? What does it mean?

Can you find proof of it in real life?

Why does the cost per unit fall when suppliers produce more of something?

What implication does this have for every aspect of economics and business and life?

delicious


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September 09, 2013

Political stabilityEconomic stabilitySocial values supporting businessWork ethic

OrganizationManagementDirectionRisk takingInnovation

ScienceTechnologyExperienceEducation & Training

FacilitiesMachineryEquipmentMoney Capital

Skilled workforceNatural resourcesRaw materialsWaterFertile soils

Business EnvironmentEntrepreneurshipKnowledge

CapitalLabourLand

Intangible Resources

Tangible Resources

Productive Resources

It's the (scientific) study of the way society chooses to use/allocate its scarce resources.What is Economics?

But: what SPECIFIC questions does it try to answer?


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September 09, 2013

Why is this important?

How will output be shared?How will decisions about distribution be made?

By whom, with what resources?How much labour, how much capital, by small or large facilities

What's worth producing?In what quantities?

What to produce?

How to produce?

For whom?

The three fundamental questions:Our learning process


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September 09, 2013

Work and Play:

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September 09, 2013

The increase in the relative cost of producing more of item A, measured by the numbers of item B, that could be produced with the same resources.

1. The Law of Increasing Relative Cost


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September 09, 2013

Results in:

1. The Law of Increasing Relative Cost


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September 09, 2013

Opportunity CostThe cost of any alternative that must be forgone in order to pursue a certain action.

1. The Law of Increasing Relative Cost=


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September 09, 2013

2. The Law of Diminishing Returns

For any enterprise, when at least one input is held constant while other inputs are increased, there will be an eventual decline in the rate of extra output.


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September 09, 2013

3. Economies of Scale

Explanation:When more units of a good or service can be produced on a larger scale, yet with (on average) less input costs, economies of scale are said to be achieved.


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September 09, 2013

Loonie leaps ahead as bank stands patTOMHANSON/THE CANADIAN PRESS

Currency rallies after policy makers hold overnight lending rate at 3 per cent, despite new threats to growth

Sep 04, 2008 04:30 Am

BUSINESS COLUMNISTCanada's monetary authorities stood on the sidelines yesterday as jobs disappeared, the economy slowed and federal parties prepared to fight an election.

Despite strong indications that inflation is a fading threat, Bank of Canada governor Mark Carney and his five deputies held the bank's key overnight lending rate at 3 per cent.

The rate is low by historic terms, but is actually higher than the yield investors were demanding yesterday to hold fiveyear Government of Canada bonds.

It is also well above the 2 per cent rate for comparable loans to banks in the United States.

The donothing decision spurred currency traders to bid up the dollar – making our exports more expensive to foreigners – and disappointing the economist for a major labour union.


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September 09, 2013

What is productivity?

What causes it?

Why is it important?

Changes in Productivity

Attachments

CIA 4U1 Articles.notebook

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