Unit 3: Economics!. Chapter 10: Economics: Close to Home Chapter 11: The Atlantic Economy Chapter 12: Our Economic Outlook. What is Economics??. Money: What is it?!. What is money ? Why is paper worth anything? Why can we exchange paper for stuff of real value? Where does it come from?.
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Chapter 10: Economics: Close to Home
Chapter 11: The Atlantic Economy
Chapter 12: Our Economic Outlook
Examples of moments when you’ve made the right and wrong decisions in terms of opportunity cost when buying scarce services or commodities?
1) Total your interest amount after the 6th payment (10/10/2011) from your first assignment and put the total in this space: $83.05.
2) What is your balance after the 6th payment from your first assignment: $739.75.
3) What is the total interest paid after 6 payments with the credit card? $178.36. What is the difference between the two? $95.31.
4) What is the total balance left after 6 payments with the credit card? $835.06. What’s the difference between the two? $95.31.
5) It is obvious the differences between the two types of credit. Why, do you think, would anyone ever choose to use a credit card over another type of loan with lower interest? Give at least two reasons.
1) Total your interest amount after the 6th payment (10/10/2011) from your first assignment and put the total in this space:___$83.17________________.
2) What is your balance after the 6th payment from your first assignment:__$739.87_________________.
3) What is the total interest paid after 6 payments with the credit card? ___$141.16_____________. What is the difference between the two? ___$57.99________________.
4) What is the total balance left after 6 payments with the credit card?___$797.86________________. What’s the difference between the two? ____$57.99_______________.
5) It is obvious the differences between the two types of credit. Why would anyone ever choose to use a credit card over another type of loan with lower interest? Give at least two reasons.
Q: Write out the book’s definition of natural resources.
A: Natural resources are the materials found in the natural environment that humans can use to satisfy their needs and wants.
Q: What are the three conditions that must be met before a natural material considered a resource?
A: First: society must feel it needs the material, Second: technology must advanced enough to extract, or harvest, the material. Finally, it must be economical to extract the natural material and put it to use.
Q: Primary industries are in decline in Atlantic Canada – give three reasons why. What are the examples given?
A: Primary industries are in decline resources are becoming depleted as is the case with the fishing industry. Others are in decline because of changing consumer demand. This is the case with coal mining as other sources of energy have become more widely available. Others have suffered from competition from other countries For example, producers in the Southern United States can produce lumber more cheaply than Canadian producers can.
Q: In what way is primary industry changing and what industry is responsible for this?
A: Traditionally, primary industries required large numbers of manual workers, with very specific skills. Today, many are using new technology that has changed these requirements. The quaternary industry is responsible for this.
Q: What is aquaculture?
A: Fish farming.
Q: What is allowable annual cut and what factors are considered when setting the AAC?
A: The Allowable Annual Cut is the amount of timber that can be cut each year according to the limits set by the provincial government.
Q: Write the book’s definition for mining.
A: Mining refers to activities that take mineral substances from the Earth.
Q: What natural resources are generally excavated in the mining process and what are some things these materials are used to create in secondary industries?
A: Mining substances may be metallic, non-metallic, or fossil fuels. We use these materials to produce items like heavy equipment, construction materials, heating fuel, and household appliances.
Q: Write the book’s definition for farming and describe the three main stages.
A: Farming is a set of activities devoted to producing food and other products from the land. The first stage of farming is called “input” and it includes everything needed to grow a crop. The second stage, “process”, is when the farmer carries out all the activities needed to bring the crop to maturity. If all works to the farmer’s advantage and he is able to yield a good crop, the final stage is the “output” of the crop.
Q: Which province owes its highest provincial GDP to the following industries in 1998: fishing, forestry, mining, and farming?
A: Fishing: P.E.I. at 2%, Forestry: New Brunswick at 2.1%, Mining: NFLD & Labrador at 3.9%, Farming: P.E.I. at 7.9%.
Q: a) Which Atlantic Canadian province’s GDP relies most on its primary industries and which Atlantic Canadian province’s GDP relies least on its primary industries? b) Name the provinces and give their total % of GDP in the primary industry.
A: Most = P.E.I. with about 10.50% of its GDP owing to the primary industry and Least = Nova Scotia with 5.4% of its GDP owing to the primary industry.
Having stated this, it must be recognized that the riches of the world are not divided evenly; therefore, it is not reasonable to assume that all, most, or even many nations will have high standings in the above criteria. Many problems within nations and between nations occur due to disparity. This is the gap in the standard of living between two regions or peoples.