CIVIC

MIR

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SCARCITY

The basic problem faced by all economies is scarcity

People have unlimited wants

The earth has limited resources to satisfy these wants

ECONOMIC DECISIONS

What to produce?

How will we produce it?

Who gets what we produce?

Shared?Sold?Given?

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

MARKET ECONOMIES

Brings all consumers and sellers together

Sellers Supply goods and servicesConsumers Demand goods and services

Supply and Demand works in opposite directions

Suppliers want a high priceDemanders want a low price

Most efficient suppliers will sell to Demanders willing to pay the highest price

SUPPLY AND DEMAND

MARKET ECONOMIESSociety gets the most it can

out of its scarce resources

But…

Rich can buy more than poor

Some people will make poor consumption decisionspeople will buy things they don’t need

Some people won’t be able to buy things they need

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

COMMAND ECONOMIESEveryone 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

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

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

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?

SOURCEShttp://www.google.ca/imgres?

q=civic+mirror&um=1&hl=en&sa=N&biw=1024&bih=571&tbm=isch&tbnid=eqndRUOh2eg8pM:&imgrefurl=http://civicmirror.com/blog/the-hex-auction-civic-mirror-classroom-video-series-episode-10&docid=DFmaaFY6-N851M&imgurl=http://civicmirror.com/wp/wp-content/uploads/hex-auction.jpg&w=551&h=550&ei=x9tuUKvmBLOLyQHBzIHoCg&zoom=1&iact=hc&vpx=87&vpy=124&dur=4423&hovh=224&hovw=225&tx=146&ty=178&sig=117872012917030589214&page=1&tbnh=118&tbnw=118&start=0&ndsp=18&ved=1t:429,r:0,s:0,i:71

http://www.google.ca/imgres?q=canada&um=1&hl=en&biw=1024&bih=571&tbm=isch&tbnid=TCf9qzNPyepKKM:&imgrefurl=http://www.ciceducation.org/&docid=QAuNM01SuO45hM&imgurl=http://www.ciceducation.org/Canada%252520Maple%252520Leaf.jpg&w=314&h=355&ei=iNxuUIvtBePmygGL6IG4Bg&zoom=1&iact=hc&vpx=584&vpy=197&dur=938&hovh=239&hovw=211&tx=128&ty=176&sig=117872012917030589214&page=1&tbnh=160&tbnw=142&start=0&ndsp=8&ved=1t:429,r:6,s:0,i:153

http://www.google.ca/search?hl=en&sugexp=les%3B&cp=8&gs_id=p&xhr=t&q=civic+mirror&bav=on.2,or.r_gc.r_pw.&biw=1024&bih=571&wrapid=tljp1349442422612012&um=1&ie=UTF-8&tbm=isch&source=og&sa=N&tab=wi&ei=w9tuUJWsL4fFyAG76ICwDA

http://www.google.ca/imgres?q=civic+mirror&um=1&hl=en&sa=N&biw=1024&bih=571&tbm=isch&tbnid=WHgMcMgILxuyGM:&imgrefurl=http://students.wrdsb.ca/mahas1773/2011/04/07/my-civic-mirror-experience/&docid=N0PHBsgRefpArM&imgurl=http://students.wrdsb.ca/mahas1773/files/2011/04/video.jpg&w=290&h=170&ei=x9tuUKvmBLOLyQHBzIHoCg&zoom=1&iact=hc&vpx=523&vpy=168&dur=5156&hovh=136&hovw=232&tx=147&ty=70&sig=117872012917030589214&page=1&tbnh=96&tbnw=163&start=0&ndsp=18&ved=1t:429,r:3,s:0,i:80

Civic Mirror Manual