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  • 1. Welcome to CIA4U1 Semester 1 2012-2013 Ms. LeMoine
  • 2. • Here we will look at economic basics: UNIT ONE: INTRODUCTIONUNIT ONE: INTRODUCTION The Who:
  • 3. not to be confused with The Who
  • 4. • the what • the where and when This one is easy: - everywhere and always
  • 5. • the why
  • 6. • and, of course, the sixth “w” how and thus in summary...
  • 7. Get it? Well, stay tuned...more to come.
  • 8. Now, a little bit about economics itself.
  • 9. Economics Defined:• Economics is the science and use of goods and services that deals with the production, allocation,
  • 10. The Dismal ScienceThomas Malthus (1766-1834) 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
  • 11. • 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?
  • 13. • Scarcity • Resources • Opportunity cost • Needs vs. Wants • Choices • Decision Making First the basics
  • 14. • Then a closer look at Supply and Demand The Laws Pretty simple really - they either go up or down.
  • 15. The Curves...first alone Demand Supply
  • 16. ...and then together
  • 17. And finally...The elasticity of Supply and Demand Yup, it really has to do with how changeable supply and demand are.
  • 18. 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?
  • 19. an you say Oligopoly? Well, anyway, it’s basically about competition. And Market Structures What is Monopolistic Competition?
  • 20. • Corporate Concentration • and Cartels - legal and otherwise Unit two concludes with a brief look at
  • 21. • YEAH Macroeconomics! Well...it’s better than Micro anyway. UNIT THREE: MACROECONOMICS
  • 22. How do we measure activity in the economy? • GDP • - Gross Domestic Product • CPI • - Consumer Price Index • Labour Survey • CLI • - Composite Leading Indicator
  • 23. How do we control economic activity? Do we let the invisible hand run amuck or...
  • 24. ...do we use: • Fiscal Policy and/or
  • 25. • Monetary Policy
  • 26. And this leads to: Money and the Canadian Banking System
  • 27. UNIT FOUR: ECONOMIC DECISION MAKING The Welfare State hmmm...do you think it’s working?
  • 28. Yeah Taxation!!!! Quite simply you can’t live with it... ...and you can’t live without it.
  • 29. But is it working anyway?
  • 30. UNIT FIVE: THE GLOBAL ECONOMY • Trade: • Globalization • Economic Development
  • 31. • Economic Development