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REM 100 Final Review Study Guide Solutions what is a dominant social paradigm - ANSWER-the most widely held set of beliefs, values and ideals that guide thinking about society, governance, and the role of individuals. Organizes the way people perceive and interpret the functioning of the world ...

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  • November 11, 2024
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  • 2024/2025
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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED




REM 100 Final Review Study Guide

Solutions


what is a dominant social paradigm - ANSWER✔✔-the most widely held set of beliefs, values and ideals

that guide thinking about society, governance, and the role of individuals. Organizes the way people

perceive and interpret the functioning of the world around them


what is the dominant environmental philosophy in western society - ANSWER✔✔-domination


what are dominant social paradigms of western societies (not all of them are environmental) -

ANSWER✔✔-democracy, acceptance of regulated capitalism, individualism, economic growth, notion of

progress, faith in science and technology, domination towards the environment


the dominant social paradigm manifests itself in the _________________- - ANSWER✔✔-totality of our

institutions


what is an institution, give an example as it relates to canada - ANSWER✔✔-the accepted rules, norms

and strategies adopted by individuals operating within or across organizational settings.




example: canada's constitution and political system set up under its term


what is an organization, give an example as it relates to canada - ANSWER✔✔-an organized entity/body

of people with a particular purpose.




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example: parliament of Canada


institutions are the ____________ and the organizations are the ___________ institutions -

ANSWER✔✔-rules of the game, players


key characteristics of institutions - ANSWER✔✔-- can be formal and/or informal


- structure policies and influence behaviour


- are not static, they change often


- are often contested and challenged


a paradigm shift manifests as __________ - ANSWER✔✔-the society changes its institutions


what is economics - ANSWER✔✔-the social science that seeks to describe the factors which determine

the production, distribution, and consumption of goods and services


what is environmental economics - ANSWER✔✔-a sub-field of economics that is concerned with

eavronemtnal issues such as:


- market failures


- measures of prosperity/development - ecosystem services


- economic approaches to sustainability


what is a free-market economy - ANSWER✔✔-where prices for good and services are set freely by the

forces of supply and demand and are allowed to reach their point of equilibrium without intervention by

government policy. That typically entails private ownership of productive enterprises and highly

competitive markets.




Copyright ©Stuvia International BV 2010-2024 Page 2/37

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED


what is a market - ANSWER✔✔-a medium that allows buyers and sellers of a specific good or service to

interact in order to facilitate exchange


what drives transactions in a free market - ANSWER✔✔-supply and demand


what is the supply curve - ANSWER✔✔-relationship between product price and quantity of product that

a seller/producer is willing and able to supply


what is the demand curve - ANSWER✔✔-relationship between product price and the amount that

consumers are willing and able to purchase at that given price


what is an equilibrium price - ANSWER✔✔-suppliers are producing as much as is demanded by buyers.

Buyers buy it at the price that makes it worth while for the supplier. Resources are allocated efficiently. Is

also an attractor


what happens to the supply and demand curve when there is a surplus of supply - ANSWER✔✔-- surplus


- supplier is unhappy


- price goes down


- quantity demanded increases


- quantity supplied decreases


- reaches equilibrium price


what happens to the supply and demand curve when there is a shortage - ANSWER✔✔-- shortage


- buyers are unhappy


- price is pushed up



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- quantity demanded decreases


- quantity supplied increases


- reach equilibrium price


requirements for a free market - ANSWER✔✔-- large numbers of buyers and sellers


- perfect information about current and future prices, products available


- all economic agents behave rationally ; producers maximize profits and consumers maximize their

satisfaction or "utility"


- market prices reflect full costs of production and consumption


- inputs being supplied and goods being produced are individually owned and divisible


- ownership of supplies is critical


what is the invisible hand - ANSWER✔✔-individuals' efforts to pursue their own interest may result in

benefit for the society better than if you explicitly planned for it (basically, people looking out for

themselves actually leads to good)


what roles does price play in the free market - ANSWER✔✔-- communicates information about scarcity

of a good


- incentivizes behaviour that tends to make the most productive use of the available scarce resources


what is the benefit of the free market - ANSWER✔✔-provides us with an extraordinarily efficient

mechanism for allocating society's limited productive capacity - its stock of productive resources,

including labour, capital, technology, and natural resources - to their most highly values uses




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