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Welcome to CIA4U1
Semester 1 2012-2013Ms. LeMoine
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• Here we will look at economic basics:
UNIT ONE: INTRODUCTIONUNIT ONE: INTRODUCTION
The Who:
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not to be confused with The Who
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• the what
• the where and when This one is easy: -
everywhere and always
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• the why
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• and, of course, the sixth “w” how
and thus in summary...
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Get it? Well, stay tuned...more to come.
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Now, a little bit about economics itself.
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Economics Defined:• Economics is the science
and use of goods and servicesthat deals with the
production, allocation,
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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
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• 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?
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UNIT TWO: MICROECONOMICS•
IT’S REALLY ALL ABOUT SUPPLY AND DEMAND
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• Scarcity
• Resources
• Opportunity cost
• Needs vs. Wants
• Choices
• Decision Making
First the basics
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• Then a closer look at Supply and Demand
The Laws
Pretty simple really - they either go up or down.
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The Curves...first alone
Demand Supply
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...and then together
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And finally...The elasticity of Supply and Demand
Yup, it really has to do with how changeable supply and demand
are.
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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?
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Can you say Oligopoly?
Well, anyway, it’s basically about competition.
And Market Structures
What is Monopolistic Competition?
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• Corporate Concentration
• and Cartels - legal and otherwise
Unit two concludes with a brief look at
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• YEAH Macroeconomics! Well...it’s better than Micro anyway.
UNIT THREE: MACROECONOMICS
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How do we measure activity in the economy?
• GDP
• - Gross Domestic Product
• CPI
• - Consumer Price Index
• Labour Survey
• CLI
• - Composite Leading Indicator
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How do we control economic activity?
Do we let the invisible hand run amuck or...
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...do we use:• Fiscal Policy
and/or
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• Monetary Policy
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And this leads to: Money and the Canadian Banking System
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UNIT FOUR: ECONOMIC DECISION MAKING
The Welfare State
hmmm...do you think it’s working?
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Yeah Taxation!!!!Quite simply you can’t live with it...
...and you can’t live without it.
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But is it working anyway?
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UNIT FIVE: THE GLOBAL ECONOMY
• Trade:
• Globalization
• Economic Development
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• Globalization
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• Economic Development