Hamsa Naji Adwan Yearly Notes PDF

Goals Buy phone + Buy airpods ++ none +++ both – Goals are aims and intentions that a person creates towards something they are passiona...

Goals Buy phone + Buy airpods ++ none +++ both – Goals are aims and intentions that a person creates towards something they are passionate about. People create goals through self reflection and creating an action plan. When passionate about a certain hobby or goal a person tends to do the most to activate it. People can create meaningful goals that help and enhance their lives. Schedule Monday: - I didn't sleep all night - Go to school - Chem-Arabic-Accounting-Economics-Global History - I napped for 3 hours after school - Reviewed grade 10 chem - Played Fall Guys - Slept at 12 Tuesday: - I woke up at 6:30 - Went to school - Finished my two accounting assignments - Go back home - Try to complete economics ed puzzle - Play fall guys - Sleep at 11 Wednesday: - Wake up at 6:30 - Go to school - Go back home and eat  - Review what I have to review - Scroll on my phone - Sleep Thursday - Go to school (wake up at 6:30) - Finish as much work as I can at school - Go back Home - Eat lunch - Review - Go on my phone - Sleep Grit: Grit is prescribed as a personality trait which lasts for long term goals. It involves determination, willingness, and hard work. To demonstrate grit, we can set long term goals, embrace the challenges that we face, and learn from our failures. Grit is about not giving up. Passion: Passion often drives individuals to pursue their interests with vigor, influencing their choices and overall sense of fulfillment. "Food has always been my passion... while this venture did not generate significant income, it was an immensely fulfilling experience." What I learnt yesterday: Yesterday I learned that school isn't just about grades. Grades don't define your capable educational availity. I also learned ways to be able to learn information that I am able to remember and understand. Some methods include talking to your friends about the work, moving around, looking at visual pictures, writing and taking notes, and finally dividing the lecture. Procrastination: is the act of delaying a certain task that you are supposed to complete despite knowing that there could be some possible consequences. Work life balance Refers to balancing your daily life within work and your typical no work life. You can balance your work-life balance by setting a schedule and taking breaks. You should prioritize that family is also very important and there are some days where you need to spend time with your family rather than spending time doing work all day. It is important to acknowledge that life is very stressful especially due to work but that does not mean that you can not manage your time to suit your preferences. "If you want to have money, work hard. I'm doing that so that sooner or later, money will follow." Baseline Test Vocab - Opportunity cost - Command Economy - Traditional Economy - Inquiry - Economists - Allocation Words of the day: Needs and Wants Needs and wants are important economic concepts and consumer behavior that distinguishes between the needs and wants of an individual. Needs are a necessity, such as food, air, water, and shelter. Whereas wants are the desire for certain goods and services. Wants include makeup, cars, clothes, etc… These two differences are necessity versus desires. The necessity of goods and services are vital for survival whereas the desire for certain goods and services are not a necessity. Chapter 1 notes Wants- are the need or desire for goods and/or services. Goods are usually visible and touchable. Services are untouchable. Physical wants They are those wants that are considered necessary to sustain human life. EX: air, water, food, clothing, etc… These physical wants are also known as needs. Psychological wants are wants for those things that are not essential for human life. These include wants for luxury life and exotic items. The distinction between a physical want and a psychological want is not always clear. Resources Resources are the things used to produce goods and services. Resources include human resources (the skills and efforts people use in production; capital resources such as factories and machinery; and natural resources, such as land and forests.) - Resources are different to many people. Our resources never seem to be sufficient to meet all our wants. Scarcity Scarcity is the main point in economics. There is a limited amount of resources that can be used to produce limited amounts of foods and services to meet unlimited human wants. Scarcity does exist Whenever our wants are greater than our resources, there is scarcity. Since human wants are capable of almost infinite expansion but the earth's resources are limited, there will never be a time when all human wants will be satisfied. Scarcity is a fact of economic life. Decision Making Since our wants are greater than our resources and we cannot have everything we want, then we have to make decisions among various choices. This necessity to make decisions is a result of scarcity. We are always faced with the necessity of making choices. "This winter, Abu Dhabi is set to welcome the region’s first-ever indoor vertical strawberry farm, spanning a whopping 7,500sqm." Needs" and "wants" are concepts often used in economics, psychology, and everyday life to describe different types of desires and motivations that drive human behavior. Needs: Definition: Needs are essential requirements for survival and well-being. They are fundamental to human existence and must be met for an individual to function properly both physically and mentally. Examples: Physiological Needs: Food, water, shelter, clothing, and sleep. Safety Needs: Security, health, and protection from physical harm. Social Needs: Love, belongingness, and social interaction. Esteem Needs: Respect, self-esteem, and recognition. Self-Actualization: The need to achieve one’s full potential and pursue personal growth. Wants: Definition: Wants are desires for specific products or services that are not essential for survival but can enhance quality of life or provide pleasure. Wants are shaped by individual preferences, societal influences, and culture. Examples: Material Wants: Luxury cars, designer clothing, high-end electronics. Experiential Wants: Travel, dining out, and entertainment. Aspirational Wants: Education, professional success, and personal development opportunities. Key Differences: Essential vs. Non-Essential: Needs are essential for basic survival, while wants are not necessary for survival but improve life quality. Priority: Needs take precedence over wants. If someone is hungry (a need), they will prioritize finding food over wanting to go to a fancy restaurant. Satisfaction: Meeting needs results in basic satisfaction and stability, whereas fulfilling wants can lead to happiness or contentment but is often more variable and subjective. Conclusion:Understanding the difference between needs and wants is crucial for effective decision-making, budgeting, and prioritizing in both personal and economic contexts. In marketing and business, companies Opportunity Cost Is the benefit lost of doing one thing rather than another? An opportunity cost is an opportunity lost. We are continually forced to make choices, there is an opportunity cost involved with every single purchase made. Economics is the study of human activity involved in using scarce resources to satisfy wants. As a result, we have to make decisions and choices. Microeconomics and macroeconomics are two fundamental branches of economics that explore different aspects of economic activity. Microeconomics- Microeconomics focuses on individual agents within the economy, such as households, firms, and industries. Macroeconomics- Macroeconomics, on the other hand, looks at the economy as a whole and analyzes overarching trends Scarcity: Scarcity refers to the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. Countries that do not have scarcity: no country is entirely free from scarcity. Distribution of goods in Syria. The distribution of goods In Syria is very complex and many factors including conflict, economic situation, and challenges take play. The Syrian war has led to a fragmented landscape in which other groups, including the Syrian government control many Syrian regions. The economic situation of Syria is also very poor making it hard to distribute goods amongst its citizens. Transportation is also terrible since the roads in Syria are sadly not proper. The infrastructure in Syria is not reliable as well. Ed puzzle notes Why do we study economics? Economics is about choices, it is the study of how people make choices when buying, selling, and using things. Things can be goods, services, resources, and money. In economics who makes choices? - Consumers - Government - Businesses Where do economic decisions begin? - They begin with fulfilling people's needs and wants. Needs: basic things we need to survive and remain alive. EX: water, clothes, food, shelter Wants: are things we would like to have but not need. EX: toaster, washer, etc… Our needs and wants could be separated into two services and goods. Services: A service is work done for other people. EX: dentist, painter, lawyer Goods: things that are produced or manufactured. EX: desk, car, and cellphone The better we understand how and why people make choices with resources, goods, and services, this will help us make wiser economic decisions throughout our lives. Scarcity and choices: Economics is the study of scarcity and choices, we can't have everything so we must make choices. Because resources are limited, economists typically say that economics is the study of scarcity and choices. When it comes to decision-making, economists assume that everyone makes choices based on their self-interest. Self-interest is different from selfish people. Whenever you're making a choice you're looking at the benefits and costs of the decision. People make decisions based on their self-interest. Even when you are in a horrible situation you are still looking at benefits and costs. Economists tend to focus on the decision-making of buyers and sellers. Buyers and sellers get together to negotiate in their best self-interest. A buyer wants a low price and a seller wants a high price. After some negotiating a buyer and a seller work out a price that works for both. It is important that both are happy since this is a voluntary exchange. Involuntary exchange is the idea that someone is forced to buy/sell something and that is not how business should be done. Economists usually look at how groups interact (markets). Understanding how free markets work will help us understand the world. Supply and demand graphs look like an X. History has proven that a free market and capitalism are better than a planned market in which the government decides how to run the economy and produce it. Making choices that help you but end up helping everybody else is known as an invisible hand. The role of government The government has goals such as people. The government's economic goals are much bigger and more important. The first goal is to promote stable markets. The government keeps markets predictable by national regulations. “Placing vertical farms near urban centers lowers transportation emissions, CO2 footprint, and increases food freshness.” The second major goal is promoting economic prosperity. Many people believe that the best way for the government to promote economic prosperity is for them to get out of the way. The government can spend money on public investment like highways and the internet. The government can try and make the country more prosperous by keeping inflammation low, they could do this through the Federal Reserve. The main goal is to promote business development. The main way that the federal government promotes businesses is through tariffs and subsidies. During the great depression, the US made a law of free trade, high tariffs allowed American businesses to develop free competition. This helped the US make a powerful economy. Many people don't think that the government should be in business. Subsidies were first put in during the great depression. The fourth goal is to protect consumers and employees. In the past they cared about protecting the employees, but now not so much. The most convenient thing the government does to protect workers these days is to set the federal minimum wage. There are thousands of regulations that people buy that warn them of the things that they buy. Consumer product safety precautions help save people. All these goals are to benefit people. It started 240 years ago, before the 20th century the government did not have much to do. By the end of the 29th century, it began to change. With the completion of the railroad, transportation amongst the US became easy and that made it easy to transport goods. Congress could regulate these railroads. 1887- Interstate Congress Act. Congress created laws to regulate the railroads. Specialization Specialization refers to the process of focusing on a specific area of expertise, skill, or even an activity. People could specialize in something that they are talented in and that would help them gain a source of income as they are good at producing that thing. Economics of Scales: 1. Natural resources: Canada is rich in natural resources, which can lead to economies of scale in industries such as mining, forestry, and agriculture. 2. Technology and Innovation: Investment in technology can enhance productivity and reduce costs 3. Industrial Structure: Sectors such as manufacturing, transportation, and utilities often benefit from economies of scale. Activity 1: - Good News Wants are the need or desire for goods and/ or services. - Physical wants are those wants or needs that are necessary. - Physical wants are often referred to as needs Psychological needs are wants for those things that are not essential to sustain life.  - In a sophisticated society like our own, the distribution between a physical want and a psychological want is not always clear -. The physical want, the need for clothing for warmth, has become partially a psychological want, the need to fit into society. - Resources are those things used to produce goods and services. - Resources include human resources, the skills and efforts people use in production: capital resources, such as factories and machinery; and natural resources, such as land and forests. - Scarcity is the fundamental fact of economic life; there is a limited amount of resources that can be used to produce a limited amount of goods and services to meet unlimited human wants. - Scarcity does exist. Traditional economy in Canada refers to the economic systems that are based on customs, practices, and beliefs, often characterized by subsistence farming, hunting, gathering, and fishing, typically prevalent among Indigenous peoples and some rural communities. In these economies, resources are shared within the community, and trade often occurs through barter rather than monetary transactions. Skills and knowledge are passed down through generations, and there is a strong connection to the land and natural resources. Indigenous groups in Canada, such as the Inuit, Métis, and First Nations, have maintained traditional economic practices, relying on the land for resources, which is integral to their cultural and social identities. These practices often include seasonal hunting, fishing, and gathering, adapting their methods to sustainable means of using the environment. However, traditional economies face challenges due to modernization, globalization, and the impacts of colonialism, pushing some communities to blend traditional practices with contemporary economic systems. Despite these challenges, many Indigenous communities strive to revitalize and preserve their traditional economic practices, maintaining their cultural heritage while navigating modern economic landscapes. Notes chapter 2 As individuals, we are faced with the problem of scarcity and have to apply opportunity cost to decisions that we decide to make. All societies face the problem of scarcity. Resources can be limited, so society has to use its resources properly. Three major questions: 1. What are we going to produce?  There are countless goods and services that can be produced. The real question is what will we produce and how much of it. 2. How is it to be produced? Since our resources are limited towards our society, how we produce the goods and services plays an important role. The more we produce from a given amount of resources the closer we are to facing scarcity. 3. Who receives how much? How will we decide who gets what? Does everyone contribute the same amount? How the three major questions are answered - Each society has developed its own way of answering these questions. Society has developed its own economic system. Pure traditional Economy - Tradition influences our economic activity. For certain occasions and celebrations, we buy certain products. These are part of our traditions. In a pure traditional economy, the tradition of the society helps answer the question: what will we produce? A pure traditional economy discourages change or growth. This society provides economic, political, and social stability. Pure Command economy - Goods and services are provided by governments or, through the command aspect of the economic system. In a pure command economy, the government, or some other controlling body provides the answers for the three questions. They make the decisions about what to produce in the pure command economy. Government decides what services and goods that factories must produce. Government also decides who will work where, and what machines and raw materials will be available to them. Government also decides for whom the goods and services will be produced. In this economic situation, logical choices are made about what, how, and for whom to produce. This system seems simple, it is not without problems. The planning of an entire economy is a very hard task and the possibility of making a mistake is very high. SOme of the decisions made by the government could be very unpopular. A totally planned economy would also not permit individual choice of work or of products for purchase. Pure Market Economy In this type of economy it is the actions of the buyers and sellers of goods, services, and resources that direct the economic system. Everyday large amounts of people in Canada require vast amounts of a huge number of goods and services. Many of these goods and services may have been days or weeks in transit. Without these goods and services, people might freeze, go thirsty, or hungry. Most people in Canada do not spend their days worrying about whether the goods and services will be available for them when they wake up. People know that goods and services will be there. Circular flow Model The Circular Flow Model can be applied to Syria to illustrate how various sectors of the economy interact. Although Syria has faced significant challenges due to conflict, economic sanctions, and disruptions, we can still construct a conceptual framework of its economy using the circular flow model. In this case, we can highlight the roles of households, firms, government, and the foreign sector. The circular flow model is an economic concept that illustrates the continuous movement of money, goods, services, and resources within an economy. It highlights the interdependence between different sectors, including households, businesses, government, and foreign entities. Here’s a breakdown of its components and meaning: 1. Household 2. Firms 3. Government 4. Foreign Sector Private Enterprise Private Enterprise: Businesses that sell their shares privately rather than publicly (not including a stockholm). In Mexico: Manufacturing: Mexico is known for its manufacturing industry, particularly in automotive, electronics, and textiles. The country has become a vital part of global supply chains due to competitive labor costs and favorable trade agreements. Services: The service sector, including tourism, finance, and telecommunications, is a major part of the economy. The tourism industry, in particular, attracts millions of visitors each year, making it a significant driver of private enterprise. Agriculture: Although agriculture represents a smaller portion of the economy, it remains vital for local food production and exports. Private enterprises engage in farming, agribusiness, and food processing. Macroeconomics: the study of production, employment,meyn, and prices on a nationwide scale. Communism: Abolition of private property. Communism and socialism are the two main planned economies. Communism has a collective market. Goods and Services: Goods: 1. Automobiles: Mexico is a major hub for automotive manufacturing, producing vehicles for brands like General Motors, Nissan, and Volkswagen. The country has numerous automotive plants that export both finished vehicles and parts. 2. Electronics: Mexico manufactures a wide range of electronic products, including televisions, computers, and mobile devices. The country is a key player in the electronics supply chain, particularly for companies like Samsung and Dell. 3. Agricultural Products: Mexico is known for its diverse agricultural output, including fruits (like avocados and berries), vegetables, and herbs. The country is a leading exporter of certain agricultural products to the United States and other markets. 4. Beverages: Mexico is famous for producing alcoholic beverages, particularly tequila and mezcal. Additionally, the country is a significant producer of beer, with brands like Corona and Modelo being internationally recognized. 5. Textiles and Apparel: The textile industry in Mexico manufactures garments and fabrics, often serving the North American market. The country benefits from its proximity to the U.S., leading to efficient supply chains. Services: 1. Tourism: Mexico’s rich cultural heritage, beautiful beaches, and historical sites make it a popular tourist destination. The tourism sector is a vital part of the economy, providing employment and generating foreign exchange. 2. Manufacturing Services: Mexico offers a robust manufacturing sector, particularly in maquiladoras (manufacturing plants), which benefit from lower labor costs and favorable trade agreements, particularly the USMCA (formerly NAFTA). 3. Information Technology and Software Development: The IT sector in Mexico has been growing rapidly, with many companies offering software development, IT consultancy, and tech support services to both local and international clients. 4. Financial Services: Mexico has a developing financial services sector including banks, investment firms, and insurance companies that cater to both individuals and businesses, offering loans, investments, and risk management solutions. 5. Health Care Services: The healthcare industry in Mexico is expanding, with private hospitals and clinics providing a range of medical services, including  surgeries and dental care, often catering to medical tourists seeking affordable treatment. These goods and services play a crucial role in Mexico's economic landscape and contribute to its international trade. Mexico Traditional Economy: Customs and traditions are elements that determine the way of trade. Subsistence Farming: Many rural communities engage in subsistence agriculture, where families grow food primarily for their own consumption. Crops often include maize (corn), beans, and squash, which are staples in the Mexican diet. Natural Resources of Mexico 1. Minerals 2. Petrol 3. Forestry 4. Biodiversity 5. Renewable energy sources Goods in Mexico: Citations analyzing: “When we make decisions, we are choosing among the alternatives open to us. We select the opportunity of one choice, but we lose the opportunity of another.” This statement emphasizes the concept of opportunity cost in decision-making. When we face choices, we have to evaluate the different alternatives available to us. Each option represents a potential path, but selecting one means forgoing others. “Although Canada's natural resources are both rich and vast, they would be of little use in production without human resources” The statement highlights the essential relationship between natural resources and human resources in the context of economic production and development. While Canada possesses an abundance of natural resources—such as forests, minerals, oil, gas, and freshwater—these resources require human intervention to be useful and productive. Glossary 1. Supply and Demand: The relationship between the quantity of a good or service that producers are willing to sell (supply) and the quantity consumers are willing to buy (demand). 2. Inflation: A general increase in prices and fall in the purchasing value of money. It indicates a decrease in the purchasing power of a currency. 3. Monetary Policy: The process by which a central bank (like the Federal Reserve in the U.S.) manages the money supply and interest rates to control inflation and stabilize the currency.  4. Capital: Financial assets or the financial value of assets (like cash, machinery, or tools) that can be used to generate wealth. It also refers to the funds used by businesses to produce goods and services. 5. Scarcity: The basic economic problem that arises because resources are limited while human wants are unlimited. Scarcity leads to choices and trade-offs. 6. Opportunity Cost: The cost of forgoing the next be 7. st alternative when making a decision. It's the value of what you give up when you choose one option over another. 8. Perfect Competition: A market structure characterized by a complete absence of rivalry among the individual firms. A large number of small firms compete against each other, and no single firm can influence the market price of a commodity. 9. Monopoly: A market structure where a single seller dominates the market, having significant control over the price of a product or service due to a lack of competition. 10. Diminishing Returns: An economic principle stating that as one input in the production of a good or service is increased while other inputs are held constant, the output will increase but at a decreasing rate. First article https://www.thenationalnews.com/business/money/2024/08/13/my-abu-dhabi-salary-i-earn-dh10000 -per-month-running-a-restaurant/ 1. "Food has always been my passion... while this venture did not generate significant income, it was an immensely fulfilling experience." I think that this article is very relatable. Many people have passions and these passions that we have do not necessarily have to be financially supportive 2. "If you want to have money, work hard. I'm doing that so that sooner or later, money will follow." The statement emphasizes the relationship between hard work and financial success. It suggests that to attain wealth or financial stability, one must be willing to put in effort and dedication in their endeavors—whether that's through a job, entrepreneurship, or other means of income generation. Second article https://www.timeoutabudhabi.com/news/vertical-farm-strawberry-abu-dhabi 1. "This winter, Abu Dhabi is set to welcome the region’s first-ever indoor vertical strawberry farm, spanning a whopping 7,500sqm." This initiative reflects trends in agriculture that focus on innovation, sustainability, and the ability to grow fresh produce in urban settings, while also addressing challenges related to food security. 2. “Placing vertical farms near urban centers lowers transportation emissions, CO2 footprint, and increases food freshness.” The statement highlights the benefits of positioning vertical farms in urban areas, particularly concerning environmental sustainability and food quality. Here's a detailed explanation: Third Article https://www.thenationalnews.com/future/technology/2024/09/24/uae-food-security-could-get-boost- from-quinoa-trials-sustainabile/ 1. "Quinoa has immense potential if given the correct research and investment as a potential way of growing local food that is nutritious and environmentally friendly,” he told those in attendance. The statement emphasizes the value of quinoa as a crop that could significantly enhance local food systems. Here's a breakdown of its key components: 2. “The success of these trials paves the way for continuous innovation and collaboration to achieve secure food systems.” – Tarifa Al Zaabi The quote by Tarifa Al Zaabi emphasizes the importance of successful trials in the context of developing secure food systems. Here's a breakdown of its meaning: Mexico has a lot of resources that contribute to its economy. 1. Mining resources: Mexico is rich in minerals including silver, gold, copper, and zinc. It is one of the top producers of silver in the world. 2. Manufacturing Infrastructure: Mexico has a robust manufacturing sector that encompasses automotive, electronics, and consumer goods production. 3. Agriculture sector: The country is known for producing crops, including avocados, tomatoes, and coffee. 4. Tourism: major destinations such as places in cancun are a very popular destination place that contribute for Mexico to gain capital. 5. Energy resources Citation from book: “The growth of the nation depends not on cities, but in its 700,000 villages, the great man was wrong” I think that the great man was wrong because the growth of India depended almost entirely on the city. There is a near-perfect correlation between urbanization and prosperity across nations. On average, as the share of a country’s population that is urban rises by 10 percent, the country’s per capita output increases by 30 percent. GNP of MEXICO: 1.25 Trillion USD GDP of MEXICO: 1.1 trillion USD. Human Resources of Mexico 1. labor Laws: Mexico has a comprehensive legal framework regulating labor relations, primarily guided by the Federal Labor Law (Ley Federal del Trabajo). This legislation outlines employee rights, working conditions, wages, and dispute resolution processes. 2. Workforce Composition: The Mexican workforce is diverse, with a mix of skilled and unskilled labor. There is a growing emphasis on education and skill development, with a focus on improving workforce quality to meet the demands of both domestic and international markets. 3. Recruitment Challenges: Companies often face challenges in attracting and retaining talent, especially in sectors like technology and manufacturing. Strategies such as employer branding, competitive compensation packages, and employee engagement initiatives are crucial. 4. Cultural Considerations: Understanding the cultural nuances in Mexico is vital for effective HR management. Relationships and trust play a significant role in business interactions, and HR practices often need to align with local customs and values. 5. Trends in HR Practices: There is a move towards modern HR practices in Mexico, including the adoption of technology for recruitment and training, an increased focus on employee wellness and mental health, and a shift towards more flexible work arrangements, especially post-COVID-19. https://www.revisely.com/quiz/3WOGZ Trade Agreements between Mexico and USA Trade agreements between Mexico and the United States have evolved significantly over the years, with the most prominent being the North American Free Trade Agreement (NAFTA) and its successor, the United States-Mexico-Canada Agreement (USMCA). Purpose: NAFTA aimed to eliminate trade barriers and promote economic cooperation between the U.S., Canada, and Mexico. It reduced or eliminated tariffs on many goods and encouraged cross-border trade and investment. Key Features: Tariff reductions and elimination on numerous goods. Provisions to protect intellectual property rights. Labor and environmental standards were included, although enforcement mechanisms were criticized. Outcome: While NAFTA successfully increased trade among the three countries, it also faced criticism for job losses in certain sectors, particularly manufacturing in the U.S. The trade agreements between Mexico and the U.S. reflect a complex interdependence characterized by significant economic ties. Both NAFTA and USMCA have aimed to enhance trade while addressing labor rights and environmental issues, with the latter taking a more modern approach to current economic realities, such as the rise of e-commerce. These agreements have been instrumental in shaping the trade landscape in North America. Chapter 20-23 Notes Conflict amongst economic goals - Everyday we make decisions regarding our wants and needs. We must choose something rather than something else. We always have to consider the opportunity cost. Canadians and their governments must choose which goals are to be produced to determine their order of importance. Policies also come with expenses - Attempts to lower unemployment may result in generally higher prices - Attempts to achieve a better balance of trade with other countries may involve restrictions on individual economic freedom In a country, policies to lower unemployment may alter the inflation of another region. Economic Goals in Other Countries SOVIET UNION (USSR) The soviet union was a command economy in which the government was primarily responsible for answering the major economic questions. The USSR was a public ownership. In the USSR some businesses were privately owned with some notable exceptions Notable exception of owning private property in the USSR: In the USSR, the concept of private property was fundamentally different from that in capitalist countries. While the state owned the means of production, there were notable exceptions regarding private property: - Livestock and farms - Private homes Central Planning Did not depend on individual consumers and producers. Five year plan: Between 1928-1921, the soviet economy was directed by a number of five-year plans. These plans developed at the highest levels of the Soviet government, provided general direction for the Soviet government to grow their economy. Eventually the 5 year plan turned into a 1 year plan. Possible Questions: 1. Explain the relationship between physical wants and physiological wants? 2. What is the relationship between opportunity cost and physical wants? Inadequate Quality Control Inadequate quality control refers to insufficient measures and processes put in place to ensure that products or services meet established standards of quality. This can result in various issues, including: 1. Increased Costs 2. Reputation Damage 3. Reduced Efficiency 4. Consumer Good Shortages 5. Focus on quantity over quality Inadequate quality control in the USSR is very centralized. The USSR had a communist economy, which meant that everything was run by the government. The government did not focus on what consumer demands were, instead the government focused on what they wanted to produce. Notes chapter 2 As individuals, we are faced with the problem of scarcity and have to apply opportunity cost to decisions that we decide to make. All societies face the problem of scarcity. Resources can be limited, so society has to use its resources properly. Three major questions: 1. What are we going to produce? In Canada, production decisions are largely influenced by market demand. Canadian businesses and farmers respond to consumer preferences, demand for goods, and changing trends. For instance, Canada produces a variety of goods, including natural resources (like oil, minerals, and timber), agricultural products (like wheat, canola, and fish), and manufactured products (like automobiles and aerospace technology). 2. How is it to be produced? Technology and Innovation: Canadian producers often utilize advanced technology in agriculture, mining, and manufacturing to improve efficiency  and reduce costs. For example, precision agriculture techniques allow farmers to maximize yields and minimize waste. Sustainability Practices: There is a significant emphasis on sustainable production methods in Canada. Industries are increasingly adopting practices that reduce environmental impacts, such as reforestation in timber production and sustainable fishing quotas in the fisheries sector. Labor: Canada has a skilled workforce supported by a robust education system. Decisions about how to produce are influenced by labor availability and costs, which can vary across regions and sectors. 3. Who receives how much? Market System: In Canada, goods and services are distributed through a mixed-market economy where prices are determined by supply and demand. Higher-income individuals can generally afford to purchase more goods and services, while lower-income individuals may face challenges in accessing the same level of consumption. Social Programs: The Canadian government implements social programs aimed at addressing income inequality and ensuring that basic needs are met. This includes healthcare (which is largely publicly funded), education, unemployment benefits, and social assistance programs that help lower-income families. Indigenous Communities: The distribution of resources and opportunities among Indigenous communities can be a complex issue, often influenced by land treaties, legal rights, and government policies aimed at reconciliation. Some communities have taken control of their resource management and production to provide for their members. How the three major questions are answered - Each society has developed its own way of answering these questions. Society has developed its own economic system. Pure traditional Economy - Tradition influences our economic activity. For certain occasions and celebrations, we buy certain products. These are part of our traditions. In a pure traditional economy, the tradition of the society helps answer the question: what will we produce? A pure traditional economy discourages change or growth. This society provides economic, political, and social stability. Pure Command economy - Goods and services are provided by governments or, through the command aspect of the economic system. In a pure command economy, government, or some other controlling body provides the answers for the three questions  Here are three examples of the distribution of goods within the United States of America: 1. Supermarket Chains: - Major supermarket chains like Kroger, Whole Foods, and Safeway distribute a wide variety of goods, including groceries, household items, and personal care products. These chains typically have extensive distribution networks involving warehouses and regional distribution centers, which ensure that products are stocked in their numerous retail locations across the country. 2. E-commerce Delivery Services: - Companies like Amazon,eBay, and Instacart have revolutionized the distribution of goods by providing online shopping platforms. Through a combination of fulfillment centers, regional distribution hubs, and partnerships with local delivery services, these e-commerce platforms can deliver a vast range of products directly to consumers' homes, often within short timeframes. 3. Wholesalers and Distributors: - Businesses such as Sysco (in the food service sector) and Grainger (in industrial supplies) act as wholesalers that distribute goods to various retailers, restaurants, and other businesses. They purchase items in bulk from manufacturers and handle the logistics of getting those goods to smaller suppliers, ensuring a consistent supply of products to end users. Here are five different specialization jobs across various fields: 1. **Data Scientist** - **Field:** Information Technology / Data Analysis - **Specialization:** Utilizing statistical analysis, machine learning, and data visualization techniques to interpret complex data sets and provide actionable insights for business decisions. 2. **Clinical Psychologist** - **Field:** Healthcare / Mental Health - **Specialization:** Diagnosing and treating mental health disorders through therapy and counseling. Clinical psychologists often conduct psychological assessments and develop treatment plans. 3. **Artificial Intelligence Engineer** - **Field:** Computer Science / Technology - **Specialization:** Designing and developing AI models and algorithms, implementing machine learning techniques, and optimizing systems for predictive analytics in various applications. 4. **Environmental Scientist** - **Field:** Environmental Science / Conservation  - **Specialization:** Studying ecological systems, conducting research on environmental issues, and developing strategies for conservation, pollution control, and sustainable resource management. 5. **Financial Analyst** - **Field:** Finance / Business - **Specialization:** Analyzing financial data, preparing reports on economic and business trends, and providing investment recommendations to help businesses make informed financial decisions. 3 examples of economies of scale in canada 1. Manufacturing: Large manufacturing firms often benefit significantly from economies of scale due to bulk purchasing of materials, more efficient use of equipment, and streamlined production processes. Canada's automobile industry, for example, has leveraged economies of scale to reduce costs and increase competitiveness, particularly in Ontario, where many automobile assembly plants are located. 2. Agriculture: Canadian farmers can achieve economies of scale by operating larger farms that allow for the use of modern machinery and technology. This leads to enhanced productivity and efficiency, with larger operations often able to produce goods at a lower per-unit cost. 3. Retail: Large retail chains, such as Walmart and Costco, benefit from economies of scale through bulk purchasing, which reduces costs, and through effective distribution networks. These retailers can offer lower prices than smaller competitors, which can lead to higher sales volumes. 24-27: The performance of the Soviet economy: It was reasonable to expect that the Soviet economy would grow rapidly. For one thing, the economy usually operated at full employment. Second, Soviet economic planners chose economic growth over consumer goods as being objective and devoted a large proportion of total output to the production of goods to be used in further production, such as machines and factors. Third, the Soviet Union was playing ‘catch up’. It is easier and cheaper to copy techniques from more economically advanced countries than to develop them yourself. Failure of coordination: As we have seen, a body of planners had to coordinate production, consumption, investment and trade throughout the Soviet Union. It became impossible to achieve this with a high degree of efficiency. For example, in the 1980s there were shortages of soap and toilet paper while black-and-white TV sets were already available. In 1989 a significant part of the abundant harvest rotted on the farmers because of a shortage of storage and transportation facilities. Inadequate Quality Control: Control planners can monitor the numbers of units produced by any factory and reward those that meet the quota and punish those who fail to do so. For many years, quotas were expressed in quantitative terms so many meters of cloth or tonnes of nails. A constant problem with the Soviet Union was the production of inappropriate or poor-quality products. Factory managers were only interested in meeting their assigned quotas. Once their products left their factories, they became someone else's problem. Lack Of Incentives: In market economics, differences in pay provide incentives for workers to move on from job to job and the possibility of getting fired provides an incentive to work hard. While paychecks in the U.S.S.R were guaranteed, what workers could buy with them continued to be disappointing or often unavailable. In the soviet union, the social contract between workers and the government was “We pretend we work, and the government pretends to pay us.” Pollution: Meeting production quotas in command economies becomes the overriding objective, often to the exclusion of other concerns, including the environment. Soviet Union on a disastrous scale. One glaring example has been the diversion of waters flowing into the Aral Sea for cotton irrigation. As a result, the sea level has dropped more than 12 meters since 1960. This along with the use of fertilizers and pesticides has polluted the waters, wiped out the fishing industry, destroyed wildlife, and increased human diseases. The reform of the system: The continuing stagnation of the economy in the 1980s led the Soviet leader. Mikhail Gorbachev, to institute a number of reforms to restructure the economy. This restructuring was called perestroika. Gorbachev promoted a reduction in the central control of the economy in favor of an increase in individual and local management control and accountabilities. These ideas were incorporated in the Law of States Enterprises in 1987. Laws to encourage the establishment of family farms remained largely on paper. These first reforms of the Gorbackey years did not challenge socialism in the U.S.S.R or state ownership of productive resources. By 1990, however, reforms began to call for the large-scale privatization of industry and agriculture and the movement to a market economy. Top 5 Productions in Mexico - Automobiles EX: BMA, Toyota, Volkswagen - Electronics EX: smartphones - Pharmaceuticals EX: production of generic drugs, other medication - Textiles EX: Clothing, footwear - Processed Foods EX: benerages Chapter 3 Annotations Productive Resources (41-49) Resources and Production In Canada, the ability to produce the goods and services they need depends on the quality and quantity of productive resources. Productive Resources Productive Resources are made up of labor or human resources, natural resources, or land (including forests, oil, soil)., and the entrepreneur. All four resources are combined in production. The more numerous the productive resources and the better their quality, the better they can deal with the problem of scarcity. The entrepreneur as a productive resource can be included as part of labor or human resources. However, because of the special role played by entrepreneurs in the economy, they will treat this subject separately. Natural Resources Natural resources or land are all the resources that occur in nature that have value and may be used in production. These resources included minerals, forests, water, and fish. Land is considered by economists to be one of the factors of production. Natural resources usually called land, include all the “free gifts of nature”. These free gifts are the land in the city and on the farm, minerals on earth, trees in nature, natural forests, and water. In Canada, about 7% of the land is used for agriculture; Canada has vast areas of fertile-lowlands. Forestry is a major industry in British Columbia, Ontario, Quebec, and Atlantic Canada. Human Resources Although Canada's natural resources are both rich and vast, they would be of little use in production without human resources. Human resources, often called labor, are the real services provided by workers, used in an economy or a firm to produce goods and services. Human resources include doctor, dentists, prime ministers, computer technicians, and crane operations Health THe health of workers is so important to the production process. Clearly, workers who are continually sick are less productive than healthy workers. Education The better educated a population is, the more productive the country is. It is therefore appropriate to consider not only the health but also the education of Candians. Canada has one of the most highly educated populations. You people in Canada were less likely to come to secondary education than those in about half of other Western countries. Work Attitudes In addition to good health and education, Cnadians possess attitudes and values that make them highly productive workers. No single set of statistics would provide financial evidence for this statement, but the participation rates are an indication of the involvement of Cnadians in the workforce. Population Size Another factor that obviously affects total production in any country is the size of the population. (50- 54 ) Capital Resources Capital resources are goods that are used in the production of other goods and services. Factories, machines, and tools used in the production of automobiles for example are capital goods. Canadians today have the better capital resources available for the production of goods and services compared to a century ago. To produce capital goods, a number of conditions must be met. First, a community must “make” time to devote to the production of capital goods. In making capital goods, a community diverts its time from making consumption goods and services and/or from enjoying increased leisure. Leisure, and more consumption goods are the opportunity cost of the capital goods. Secondly, a community has to develop the skills to produce capital goods. Third, a community must have resources to devote to the production of capital goods. If a community is producing just enough food for its survival, it is difficult to divert production to making capital goods. There is an obvious incentive to produce capital goods. By devoting time and resources to their production now, we can increase our production in the future. Eventually, our standard of living would rise, because in devoting time in the present to making tools, we would be able to save time in the future, and the time saved could be used to produce more goods and services, This is the kinds of thinking that provinces communities with the incentive to allocate resources to the production of capital goods requires sacrifices because use must be made of present resources in order to gain in the future. Committees have to be confident that the investment of present resources in capital goods will bring a revolve return in the future. Production Production is any activity that serves to satisfy human wants. Economists consider not only the manufacture of automobiles or the growing of crops to be production, but also the services supplied by teachers, surgeons, secretaries, and ballet dancers. Production involves combining economic resources (land, labor, capital, and enterprise lability) to produce goods and services that meet our needs. All productive activity can be provided into three categories; primary, secondary, and tertiary. People who work in primary industries work close to the land. They are the farmers, miners, lumberjacks, or oil riggers and fishers who produce products of grain, iron, wood, oil and fish. People who work in secondary industries are involved in manufacturing the staple products into finished goods. These goods are purchased by other people. A finished good could be a capital good (purchased by another manufacturer who would use it to produce other goods), or a consumer goods (purchased by consumers). Once a good is manufactured, the process is not over. The tertiary industries take over. This involves transportation. Tertiary industries are the vital link between the producer and the consumer. A large part of the production process involves workers supplying services. Production Possibilities In using our own resources in the production of goods and services, we are again brought face to face with a known problem; scarcity. Even with the vast productive resources of Canada, we cannot produce all we want of everything. We have to make choices. If we are employing our resources, more of one good means less another good, so we have to decide what we will produce. Production possibilities curve gives us a boundary or limit to the choices open to us. The production possibilities curve illustrates some of the major concepts of economics. Resources are scarce and we have to make choices from among the goods and services available to us. We can not have an infinite number of resources, we should be aware of opportunity cost of the additional resources. 5 Private properties in Mexico 1. Casa Azul (The Blue House) - Located in Coyoacán, Mexico City, this was the home of the famous artist Frida Kahlo and is now a museum dedicated to her life and work. 2. Casona La Reja - Situated in Michoacán, this private estate is known for its grandeur and beautiful gardens, often used for private events and gatherings 3. La Casa de la Cultura de Oaxaca - While open to the public, various areas are privately managed and maintained, showcasing Oaxaca's rich history and culture through art displays and performances. 4. Museo Casa de Morelos - In the city of Morelia, this property was the home of revolutionary leader José María Morelos and is now a museum, highlighting his life and contributions. 5 different types of private properties. 1. Residential Properties: These are properties primarily intended for people to live in, including single-family homes, condominiums, townhouses, and apartment complexes. 2. Commercial Properties: These are properties used for business purposes. They include office buildings, retail stores, shopping centers, hotels, and restaurants. 3. Industrial Properties: These properties are used for manufacturing, production, storage, and distribution of goods. Examples include factories, warehouses, and distribution centers. 4. Agricultural Properties: These are properties used for farming and agricultural activities. They include farms, ranches, orchards, and vineyards. 5. Mixed-Use Properties: These properties combine multiple uses within a single building or complex. For example, a mixed-use development might feature residential apartments above retail shops or offices. Industrial properties