Civic mirror economics
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This document provides an overview of economic concepts like scarcity, supply and demand, and different types of economies. It explains that Canada has a mixed economy where some goods are bought and sold in markets, some are provided publicly, and some are shared. It introduces the simulation Civic Mirror, where students will make economic decisions about distributing limited resources. Questions are posed about what role governments should play in regulating markets and prices.
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Civic mirror economics
- 2. SCARCITY The basic problem faced by all economies is scarcity People have unlimited wants The earth has limited resources to satisfy these wants
- 3. ECONOMIC DECISIONS What to produce? How will we produce it? Who gets what we produce? Shared? Sold? Given?
- 4. 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
- 5. MARKET ECONOMIES Brings all consumers and sellers together Sellers Supply goods and services Consumers Demand goods and services Supply and Demand works in opposite directions Suppliers want a high price Demanders want a low price Most efficient suppliers will sell to Demanders willing to pay the highest price
- 7. MARKET ECONOMIES Society gets the most it can out of its scarce resources But… Rich can buy more than poor Some people will make poor consumption decisions people will buy things they don’t need Some people won’t be able to buy things they need
- 8. 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
- 9. COMMAND ECONOMIES Everyone 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
- 10. 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
- 11. 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
- 12. 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?