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ECONOMIC EVENTS

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FC: ECONOMIC EVENTS

1: TABLE OF CONTENTS Unit 1 - Mind on Economics Unit 2 - Supply and Demand and Market for Labour Unit 3 - Personal Finance Unit 4 - Economic Stability and Stabilization Policy Unit 5 - Canada and the Global Economy

3: UNIT 1 MIND ON ECONOMICS

4: This article talks about denims designer wear. Ms. Adams-Geller talks about the different styles of denim and how she would style them according to her like and satisfaction. This can be related to unit 1; on the fundamental concepts choice and want because Ms. Adams way of styling her denim is her choice and it’s also a want because designer denim jeans or skirts are not a necessity to survive. | A Light Touch with Summer Denim | Link for the article: http://online.wsj.com/article/SB10001424052748703834804576301740595804886.html?mod=WSJ_LifeStyle_Lifestyle_11_1

5: This article talks about how the scarcity of oil has immensely increased the prices of oil and this has put a cap on the recovery of the economy. This is related to the fundamental concept scarcity. It shows how there are economic hardships when there are only limited resources to work with and has acquired the Goldilocks syndrome. Though this problem may be hard to resolve because oil is a natural element that is used as factor of production but has no clear right of ownership because no one owns this natural element, there are other ways that that the petroleum industry could have used to extract or get more oil. | The Goldilocks syndrome | Link for the article: http://www.energybulletin.net/stories/2011-02-21/how-markets-may-respond-resource-scarcity-goldilocks-syndrome

6: This article talks about how almost anyone can start their own service business using the new and cheap technology available. This is also referred to as self – employment and comes under the category of sole proprietorship of an entrepreneur. There are obviously risks behind every entrepreneur but In order to run a business, one must have a stabilized process, this includes: buying machinery, building detailed customer lists, sales methodology and creating tangible property that could be priced. This refers to the ability to organise economic activity. | Tony Wanless: Standing out in a virtual world | Link for the article: http://www.financialpost.com/news/Tony+Wanless+Standing+virtual+world/4860285/story.html

7: UNIT 2 SUPPLY AND DEMAND AND MARKET FOR LABOUR

8: This article talks about how the supplies of cars like BMW and Toyota decreased after the earthquake in Japan. This decrease is because they didn’t have all the parts manufactured in Japan available anymore. Not only were these car companies had to be closed down for a bit, even Several firms that make components for consumer electronics like the iPad have to close their doors for a while. All this can be related to unit 2 of supply and demand because this article shows how an environmental disaster is a challenge and can be a reason for production shortages. Since, in this case demand exceeds supply, it results in a shortage. | 9 Companies with products whose demand beats their supply: 24/7 Wall Street | Link for the article: http://www.huffingtonpost.com/2011/03/23/9-companies-popular-products_n_839596.html#s256990&title=5_Target

9: This article talks about how 150 Canada Post workers went on a 24-hour rotating strike in Winnipeg. Canada Post had introduced new technology that the unions blame for rising health and safety concerns. So, they went on a strike to encourage and pressurize Canada Post management to return the bargaining table with a good proposal that meets the needs of current and future Canada post workers. This relates to the labour unions in Unit 2. It shows how when the union and their employers can’t come up with a collective agreement, the unions go on a strike. | Canada Post Workers strike in Winnipeg | Link for the article: http://www.thestar.com/business/article/1001409--canada-post-workers-strike-in-winnipeg

10: This article talks about how Cassava chips exported from Thailand have all been sent to China for the purpose of making biofuel. China had found that making fuel from cassava had yielded good energy returns. This new demand for biofuel has decreased the supply of food and has increased the prices of food. The farmland is limited, and if it is devoted more to the fuel, it will devote less to food. This connects with this unit because it shows how biofuels are contributing to higher prices, and that the demand curve for biofuel will increase whereas the supply curve for food decreases. | Biofuel Demand Drives Up Global Food Prices | Link for the article: http://www.nytimes.com/2011/04/07/science/earth/07cassava.html?_r=3&hp

11: UNIT 3 PERSONAL FINANCE

12: This article talks about the importance and advantages of saving money. It tells us how you should start saving up from your 20s so in the future you won`t have financial problems. Like, when you want to go on a vacation, you won`t have to think thrice about the financial costs that goes with it, and you shouldn`t have to worry if you want to spend money to go see a movie. Saving up will not only help for little things like these, but it will also help save for your retirement because as said in the article the last thing you want to worry about when your 75 is if you can afford your groceries. This all can be related to Unit 3 Personal finance because it relates to budgeting, making smart financial choices and being able to keep short term goals like spending for little things to long term goals like saving for your retirement. | Young Money: Saving without the retirement lecture | Link for the article: http://business.financialpost.com/2011/05/11/young-money-plenty-of-good-reasons-to-start-saving/

13: This article talks about the individual pension plan, IPP. They have a lot more advantages like higher tax-deductible contributions and tax sheltering asset growth. Another bonus is that many business owners’ assets are 100% protected from creditors. They also allow past service funding and if a person retires before they turn 65, a terminal funding contribution can be made for more retirement benefits. Therefore, IPP is a savings plan for your retirement. It’s something like RRSP, which is another common savings plan but it’s just better and has a lot more options than RRSP. | Individual pension plan good for over-40 crowd | Link for the article: http://business.financialpost.com/2011/05/30/individual-pension-plan-good-for-over-40-crowd/

14: This article talks about how the new legislation has made better credit cards that may be worth better than the old ones. Credit Card debts have decreased and consumers are more aware of the cost of carrying a balance. Banks are expected to give out 3.2 billion credit card offers, 15% more from 2010. They are also expected to mail out more than double the 1.4 billion they had given out in 2009. This shows credit cards are getting better and banks are benefiting from this. | The New Best Credit Cards | Link for the article: http://www.smartmoney.com/spend/family-money/the-new-best-credit-cards-1301520786753/

15: UNIT 4 ECONOMIC STABILITY AND STBALIZATION POLICY

16: This article talks about how the senator is preparing a legislation that aims to end tax-free online shopping. Like for Americans, when they shop at Amazon they get products without having to pay tax which is said to be an unfair advantage. This is also not fair because they would be buying products from Canada but not paying their share of taxes for it. | Democratic senator wants Internet sales taxes | Link of the article: http://news.cnet.com/8301-31921_3-20052999-281.html

17: This article talks about how trade flows rose by 12.5% and this increased the GDP as well by almost 5%. The OECD has also predicted that this year the trade volumes will grow by 8.1% and the GDP will also expand by 4.2%. GDP measures how many goods and services are produced in a country in a year. So this may show that the more products Canada makes the more we export making trade and the more trades we make the higher our GDP gets. | GDP and Trade Growth | Link of the article: http://www.economist.com/node/18744587

18: This article talks about all the crisis that had happened in 2010, like how the attacks on Libya has affected oil companies and the nuclear and economic crisis in Japan including other unsubstantial issues has dodged the economy. It is predicted that these issues might come back again in 2011, except this time there might be more risks involved. | The Return of Economic Risk | Link for the article: http://www2.macleans.ca/2011/03/22/the-return-of-economic-risk/

19: UNIT 5 CANADA AND THE GLOBAL ECONOMY

20: This article talks about how China’s economy will soon be able to take over America’s and become the world’s largest economy. China’s inflation rate is 3.6%, whereas America’s inflation rate is 2%. The world has begun to demand that China assume greater responsibility for the Global Economy health. | When will China’s economy overtake America’s? | Link of article: http://globalpublicsquare.blogs.cnn.com/2011/06/02/when-will-china%E2%80%99s-economy-overtake-america%E2%80%99s/

21: This article talks about the declaration between President Obama and Prime Minister Stephen Harper. This declaration commits their governments to find new ways to exclude terrorists and criminals who pose threat to the people. They also commit to finding ways to eliminate barriers to cross-border trade and travel, because simpler rules lead to lower costs for businesses and consumers, and therefore there will be more jobs available. This is an example of how two countries can work together towards a goal. | Declaration between Canada and the United States | Link of article: http://news.gc.ca/web/article-eng.do?mthd=advSrch&crtr.page=1&nid=587849&crtr.kw=globalization

22: This article talks about how Mr. Biden, who is the vice president of Russia, expects the U.S. to help Russia with its corruption and economy. U.S. is helping Russia to become a better country and be able to strengthen their relationship and improve trade in the World trade organization. | U.S. will Push for Russia to be in Trade Organization | Link of the article: http://www.nytimes.com/2011/03/10/world/europe/10briefs-russia.html

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