REM 100 Final Review 2025 Questions
and Answers
what is a dominant social paradigm - Correct 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 - Correct Answer✔️✔️-
domination
what are dominant social paradigms of western societies (not all of them are environmental) -
Correct 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 _________________- - Correct
Answer✔️✔️-totality of our institutions
what is an institution, give an example as it relates to canada - Correct 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
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 1
,what is an organization, give an example as it relates to canada - Correct Answer✔️✔️-an
organized entity/body of people with a particular purpose.
example: parliament of Canada
institutions are the ____________ and the organizations are the ___________ institutions - Correct
Answer✔️✔️-rules of the game, players
key characteristics of institutions - Correct 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 __________ - Correct Answer✔️✔️-the society changes its
institutions
what is economics - Correct 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 - Correct 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
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 2
,what is a free-market economy - Correct 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.
what is a market - Correct 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 - Correct Answer✔️✔️-supply and demand
what is the supply curve - Correct Answer✔️✔️-relationship between product price and quantity of
product that a seller/producer is willing and able to supply
what is the demand curve - Correct 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 - Correct 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 - Correct
Answer✔️✔️-- surplus
- supplier is unhappy
- price goes down
- quantity demanded increases
- quantity supplied decreases
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 3
, - reaches equilibrium price
what happens to the supply and demand curve when there is a shortage - Correct Answer✔️✔️--
shortage
- buyers are unhappy
- price is pushed up
- quantity demanded decreases
- quantity supplied increases
- reach equilibrium price
requirements for a free market - Correct 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 - Correct 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)
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 4
and Answers
what is a dominant social paradigm - Correct 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 - Correct Answer✔️✔️-
domination
what are dominant social paradigms of western societies (not all of them are environmental) -
Correct 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 _________________- - Correct
Answer✔️✔️-totality of our institutions
what is an institution, give an example as it relates to canada - Correct 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
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 1
,what is an organization, give an example as it relates to canada - Correct Answer✔️✔️-an
organized entity/body of people with a particular purpose.
example: parliament of Canada
institutions are the ____________ and the organizations are the ___________ institutions - Correct
Answer✔️✔️-rules of the game, players
key characteristics of institutions - Correct 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 __________ - Correct Answer✔️✔️-the society changes its
institutions
what is economics - Correct 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 - Correct 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
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 2
,what is a free-market economy - Correct 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.
what is a market - Correct 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 - Correct Answer✔️✔️-supply and demand
what is the supply curve - Correct Answer✔️✔️-relationship between product price and quantity of
product that a seller/producer is willing and able to supply
what is the demand curve - Correct 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 - Correct 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 - Correct
Answer✔️✔️-- surplus
- supplier is unhappy
- price goes down
- quantity demanded increases
- quantity supplied decreases
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 3
, - reaches equilibrium price
what happens to the supply and demand curve when there is a shortage - Correct Answer✔️✔️--
shortage
- buyers are unhappy
- price is pushed up
- quantity demanded decreases
- quantity supplied increases
- reach equilibrium price
requirements for a free market - Correct 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 - Correct 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)
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 4
