A countries economy's GDP + Inflation+ Unemployment

GDP (millions) *World Bank / Inflation *www.indexmundi.com/ / Unemployment Rate *Division of International Labor Comparisons

Canada - 1,336,068 / 2.4% / 7.8%


USA - 14,119,000 / 3.8% / 9.0%

Japan- 5,068,996 / 1.4% / 5.1%


Germany - 3,330,032 / 2.7% / 6.7%

France - 2,649,390 / 2.8% / 10.1%

UK - 2,174,530 / 3.6% / 7.9%

Italy - 2,112,780 / 3.4% / 8.2%

Lower rate of inflation is linked to a lower rate of unemployment. The GDP is relatively similar except the US's which is incredibly higher than all the other listed countries. Japan seems to be the most "comfortable" earning quite a large sum of GDP, considering its nation's small size, and having a very small rate of inflation and unemployment. Also, France has a low rate of inflation but a very high rate of unemployment.

Chosen because they were the biggest super powers in the early 20th century?
Also all mostly use a market economy. Or main nations that fought in WW2? 1st world countries?

Class Work

Problems
1.
b) 30 people
c)the revenue would be $100
d)With increasing the toll price to $7, 16 people would cross the bridge. The revenue would increase.

2.The first statement I agree with because by the supply and demand curves shifting right you know quantity can by known. Price cannot be determined. The second statement disagree because as long as both curves overlap you can calculate the market equilibrium.

4.
a) movement along the curve
b) shifts the curve
c) movement along the curve

5.
a)P=6.56

Practice Quiz

The images weren't able to show up so I was only able to answer 5 questions. I got 100% because we discussed the quiz together as a class.

Production Possibilities Curve

The Production Possibility Curve slopes downwards because of a society's limited amount of resources. A society is trying to produce enough goods while still trying to achieve the maximum amount of profit. The graph has different points because each good has a different amount being produced. Just because one has more doesn't make it better it just states that the society has more resources to produce that certain good. The law of increasing opportunity costs is the transferring resources from producing one product to another. This results in a small increase of the new produce each time it is produced. This gives the graph its convex shape.

Economic Systems

There are three types of economic systems: traditional, command, and market.

Traditional economic systems can be found in countries like rural China, rural India, Kenya, Conga, and Uganda.

Command economic systems are found in Cuba, China, North Korea, Vietnam, and Burma.

Market economies are found in the western world, so countries like Canada, US, Japan, Holland, England and France.

There basic economic questions for Canada:
1. What goods Canada produces is based on what region you are in because every region has different resources. Canada has an abundance of different types of resources because of the diversity of land we live in. BC could produce a lot of lumber, where as the prairies produce wheat.

2. How are the goods in Canada are produced is also a factor of what region you live in. Provinces such as BC and Ontario may use Hydro power where as if you live on the prairies you may use wind power to produce goods. Location is key when factoring how a place produces their goods.

3. The goods that Canada produces is not only for the Canadian people but its also shipped out to a global market. Goods should be produces for the benefit for the Canadian citizens, for selling on the global market and for trade.

3 Questions in Economics

1. The goods that a society produces is limited by the scarcity of resources. We must be able to make a choice on how to use and how much of these limited resources to use. Also one must factor in the opportunity costs which is the value of the decision that you are making. Since once you use a certain resource you cannot reuse it, one must be wise about how things are used. This means goods should be produced at a low opportunity cost.

2. How a society produces goods is the process of transforming the limited resources into good and services that can be sold and used by the society that lives in that region. Goods should be produced using a low opportunity cost but one must also factor in trade-offs, since trade-offs always involve opportunity costs.

3. Who consumes the goods and services produced depends on what what was produced and where it is going. If someone is able to buy a good without political restriction, it often means they are able to consume it.

Finances

I picked this article because I find it interesting how some are saving to little for retirement while others are saving too much. This article talks about how some people are saving so much money during their working years that they are depriving themselves of pleasures in life at the moment. Also it talks about how couples without children have to save more than couples that did because they want to maintain the lifestyle they had before they retired.

10 Economic Terms:

Savings: to save money for your future
Significant Sums: to have large moneys of money
income: the money being made by a person for working a job
income tax: the portion of a person's income that is payed to the government in the form of taxes
consumption: the things we spend our money on for our enjoyment
mortgage payments: the payments made to a bank for paying back the money borrowed to buy a house
retirement: the period in a person's life when they do not work
savers: people who enjoy saving their money
target: a set goal someone wants to make
pension: benefits that an employee receives

http://www.financialpost.com/personal-finance/rrsp/Latest+warning+saving+much/4185818/story.html