©THESTAR EXAM SOLUTIONS 2024/2025
ALL RIGHTS RESERVED.
REM 100 Final Review Questions With
Verified Answers
What is a dominant social paradigm - Answers✔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 - Answers✔domination
what are dominant social paradigms of western societies (not all of them are environmental) -
Answers✔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 _________________- - Answers✔totality of
our institutions
what is an institution, give an example as it relates to canada - Answers✔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 - Answers✔an organized
entity/body of people with a particular purpose.
example: parliament of Canada
institutions are the ____________ and the organizations are the ___________ institutions -
Answers✔rules of the game, players
key characteristics of institutions - Answers✔- can be formal and/or informal
- structure policies and influence behaviour
- are not static, they change often
, ©THESTAR EXAM SOLUTIONS 2024/2025
ALL RIGHTS RESERVED.
- are often contested and challenged
a paradigm shift manifests as __________ - Answers✔the society changes its institutions
what is economics - Answers✔the social science that seeks to describe the factors which
determine the production, distribution, and consumption of goods and services
what is environmental economics - Answers✔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 - Answers✔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.
what is a market - Answers✔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 - Answers✔supply and demand
what is the supply curve - Answers✔relationship between product price and quantity of product
that a seller/producer is willing and able to supply
what is the demand curve - Answers✔relationship between product price and the amount that
consumers are willing and able to purchase at that given price
what is an equilibrium price - Answers✔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 - Answers✔-
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 - Answers✔- shortage
, ©THESTAR EXAM SOLUTIONS 2024/2025
ALL RIGHTS RESERVED.
- buyers are unhappy
- price is pushed up
- quantity demanded decreases
- quantity supplied increases
- reach equilibrium price
requirements for a free market - Answers✔- 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 - Answers✔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 - Answers✔- 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 - Answers✔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
what does it mean to own something - Answers✔to have or hold as one's own; to belong to one,
be the proprietor of, possess
ownership implies what rights: - Answers✔- to use or enjoy the property (access and
withdrawal)
- to control who else may use the property (exclusion)
- to regulate use patterns (management)
- to sell, rent or dispose of the property to another (alienation)
tests to determine if property is owned - Answers✔- property has value
ALL RIGHTS RESERVED.
REM 100 Final Review Questions With
Verified Answers
What is a dominant social paradigm - Answers✔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 - Answers✔domination
what are dominant social paradigms of western societies (not all of them are environmental) -
Answers✔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 _________________- - Answers✔totality of
our institutions
what is an institution, give an example as it relates to canada - Answers✔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 - Answers✔an organized
entity/body of people with a particular purpose.
example: parliament of Canada
institutions are the ____________ and the organizations are the ___________ institutions -
Answers✔rules of the game, players
key characteristics of institutions - Answers✔- can be formal and/or informal
- structure policies and influence behaviour
- are not static, they change often
, ©THESTAR EXAM SOLUTIONS 2024/2025
ALL RIGHTS RESERVED.
- are often contested and challenged
a paradigm shift manifests as __________ - Answers✔the society changes its institutions
what is economics - Answers✔the social science that seeks to describe the factors which
determine the production, distribution, and consumption of goods and services
what is environmental economics - Answers✔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 - Answers✔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.
what is a market - Answers✔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 - Answers✔supply and demand
what is the supply curve - Answers✔relationship between product price and quantity of product
that a seller/producer is willing and able to supply
what is the demand curve - Answers✔relationship between product price and the amount that
consumers are willing and able to purchase at that given price
what is an equilibrium price - Answers✔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 - Answers✔-
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 - Answers✔- shortage
, ©THESTAR EXAM SOLUTIONS 2024/2025
ALL RIGHTS RESERVED.
- buyers are unhappy
- price is pushed up
- quantity demanded decreases
- quantity supplied increases
- reach equilibrium price
requirements for a free market - Answers✔- 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 - Answers✔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 - Answers✔- 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 - Answers✔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
what does it mean to own something - Answers✔to have or hold as one's own; to belong to one,
be the proprietor of, possess
ownership implies what rights: - Answers✔- to use or enjoy the property (access and
withdrawal)
- to control who else may use the property (exclusion)
- to regulate use patterns (management)
- to sell, rent or dispose of the property to another (alienation)
tests to determine if property is owned - Answers✔- property has value
