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CIA4MU Canadian Economics

CIA4MU Canadian Economics. Ch. 1: Basic Principles of Economics Topic 1 - A Beginner’s Perspective P 4 to 14. Warm UP. Short essay- ½ to 1 page Describe 3 activities (trips, visits, movies, outings, daycations, staycations that you “chose” to do this summer

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CIA4MU Canadian Economics

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  1. CIA4MUCanadian Economics Ch. 1: Basic Principles of Economics Topic 1 - A Beginner’s Perspective P 4 to 14

  2. Warm UP • Short essay- ½ to 1 page • Describe 3 activities (trips, visits, movies, outings, daycations, staycations that you “chose” to do this summer • Rate each one from 1-bad to 10-good • For one of those 3 activities, list something that you had to give up in order to do it • Describe the enjoyment you had have received from the activity you had to give up

  3. Decisions, Decisions, Decisions • We use economics every day and don’t realize it • Decision making process • Whenever use time, energy money or materials to do one thing instead of another

  4. Decisions, Decisions, Decisions • Our needs vs. wants and what we can afford • Needs and wants virtually unlimited • Ability to satisfy them (“resources”) are limited • For most resources = income + savings • Economize = get the most for least

  5. Decisions, Decisions, Decisions • Our needs vs. wants and what we can afford • Needs and wants virtually unlimited • Ability to satisfy them (“resources”) are limited • For most resources = income + savings • Economize = get the most for least

  6. What is Economics? • Economics is the study of the ay we make decisions about the use of scarce resources • Greek “oikos” (house) and “nemo” (manage) • So… “the wise management of one’s own household”

  7. What is Economics? • As a Social Science— • Study of human behaviour as an individual or group • Changes in society • Not a pure science-human behaviour changes • Predicting human behaviour— • Can generally predict group behaviour • Predicting individual behaviour much harder

  8. Why Study Economics? • Evaluate daily choices • Understand the news (ALL news is business news) • Predict how current events will affect us • Civic participation-who to vote for, when to speak up

  9. Economics, Materialism and Opportunity Cost • Philosophical-is economics only about numbers? • Effective-achieving a goal • Efficient-using the least amount of resources • Economic decisions are both • Opportunity Cost-all that is lost from taking one choice over another (what we gain vs. what we lose)

  10. Facts & Values • Numbers & Beliefs • Facts: Analytical (Positive) Economics • Descriptive Statements (past & present) • Conditional Statement (future-if x then y) • Values: Normative (Policy) Economics • A belief about what should be done or how things should be based on known facts and personal values. • “Government should provide more low-cost housing”

  11. Scientific Method and Mathematics in Economics • Not a pure science but still often use the Scientific Method/- • Observation (Hypothesis), Data Collection, Explanation and Verification (Rejection) • Use Functions and Relations, Statistics and Calculus • These are used in an applied fashion so you actually get to use what you only learn in theory in math class!

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