civic mirror economics
DESCRIPTION
An introduction to basic economics in Civic MirrorTRANSCRIPT
CIVIC
MIR
ROR
EC
ON
OM
I CS
SCARCITY
The basic problem faced by all economies is scarcity
People have unlimited wants
The earth has limited resources to satisfy these wants
ECONOMIC DECISIONS
What to produce?
How will we produce it?
Who gets what we produce?
Shared?Sold?Given?
CANADA’S ECONOMY
Canada distributes goods and services through a mixed market economy (mostly market but some other systems too)
Most bought and sold (through a market) Food, iPods,…
Some are given to those in need social assistance, legal aid, …
Some are provided for everyone education, emergency services…
Some are shared Parks, sidewalks,…
Government usually pays for goods and services that are provided or shared
MARKET ECONOMIES
Brings all consumers and sellers together
Sellers Supply goods and servicesConsumers Demand goods and services
Supply and Demand works in opposite directions
Suppliers want a high priceDemanders want a low price
Most efficient suppliers will sell to Demanders willing to pay the highest price
SUPPLY AND DEMAND
MARKET ECONOMIESSociety gets the most it can
out of its scarce resources
But…
Rich can buy more than poor
Some people will make poor consumption decisionspeople will buy things they don’t need
Some people won’t be able to buy things they need
COMMAND ECONOMIES
Goods and services are distributed by government
Ideally in a fair and equal way, so people get everything they need
Government needs lots of money or resources
COMMAND ECONOMIESEveryone should have
equal access to goods and services
But…
Citizens have less spending choice
Government has lots of power and control
People may want different things than what the government provides
There is less incentive to work hard
CIVIC MIRROR
Resources, such as health care and energy, are limited
Needs and wants are unlimited
The simulation will determine how goods are distributed (who gets what)
Economic event – every spring there will be a day to buy, sell and trade
CIVIC MIRROR - PRICES
Sellers (suppliers) want the highest price
Buyers (demanders) want the lowest price
A fair price will be somewhere in between these amounts
Something is worth whatever someone is actually willing to pay for it
QUESTIONS TO PONDER
Should our economy be an open, free economy or should the government regulate it?
If a price is considered unfair, should the government step in to control prices? But then it is more difficult to distribute goods
because they no longer go to highest bidder How will one determine who to sell resources to if the
resources are limited? Is it okay to deny a citizen a resource if the result will
be the death of a family member?
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http://www.google.ca/imgres?q=civic+mirror&um=1&hl=en&sa=N&biw=1024&bih=571&tbm=isch&tbnid=WHgMcMgILxuyGM:&imgrefurl=http://students.wrdsb.ca/mahas1773/2011/04/07/my-civic-mirror-experience/&docid=N0PHBsgRefpArM&imgurl=http://students.wrdsb.ca/mahas1773/files/2011/04/video.jpg&w=290&h=170&ei=x9tuUKvmBLOLyQHBzIHoCg&zoom=1&iact=hc&vpx=523&vpy=168&dur=5156&hovh=136&hovw=232&tx=147&ty=70&sig=117872012917030589214&page=1&tbnh=96&tbnw=163&start=0&ndsp=18&ved=1t:429,r:3,s:0,i:80
Civic Mirror Manual