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Socials 11 Ms. Matthews More Economy Notes An economy is a system of production, distribution and consumption of goods and services within a country. a) market economy – a system of allocating resources based only on the interaction of market forces (eg. supply and demand); economic decisions made by individuals with no government intervention b) subsistence economy – an economy in which individuals produce to meet their own basic needs with little internal or external trade c) money economy – those activities involved in producing, distributing and consuming goods and services d) non-money economy – those activities for which it is difficult to assess value (eg. housework and volunteering, the natural environment) The GDP (gross domestic product) is the total value of goods and services produced by a country over a period of time – often used to measure a country’s wealth and growth rate of the economy a) primary industries – produce raw materials such as wheat, wool and meat, and make use of natural resources such as minerals and forests (eg. hydroelectricity, coal, oil and natural gas) b) secondary industries – manufacturing industries where basic materials are turned into products that can be sold, such as the production of clothing c) tertiary industries – those concerned with business and the provision of services( eg. banking, marketing) d) agglomeration – a concentration of particular industries in one place eg. Silicon Valley in California – agglomeration for computer industry areas where economic activities are concentrated are called the economic core and the areas that have fewer services or are not as wealthy are called the economic periphery Economic Issues in Canada 1) Regional Disparities a) decentralization – the process of moving economic activities from the core to the periphery b) equalization payments – allow less wealthy provincial governments to provide public services that are comparable to those provided in more prosperous provinces - these payments are made by the federal gov’t and are only intended to support a province until its economy can do so on its own 2) Brain Drain - - our economy has become more knowledge-based and the demand for skilled worker has risen dramatically the term ‘brain drain’ is used to describe what happens when a country’s skilled professionals decide to move to another area to work it can occur within a country or between countries due to better job opportunities in other areas, higher salaries lower taxes while Canada gains many skilled workers due to immigration, when we compare ourselves to the U.S., we lose more skilled workers than we gain Globalization is the trend towards a more integrated world economy, which means that culture, technology and governance as well become integrated Institutions of globalization include: a) General Agreement on Tariffs and Trade (GATT) - it established a set of rules to govern global trade and reduce national trade barriers and competitive trade policies b) World Trade Organization (WTO) - 1994, meant to replace the GATT, but unlike GATT has status of an official international organization - it has 146 member states and 30 observers and includes the General Agreement on Trade in Services (GATS) which affects telecommunications, banking and investment, transport, education, health and the environment - the main functions are: - administering WTO trade agreements - forum for trade negotiations - handling trade disputes - monitoring national trade policies - technical assistance and training for developing countries - cooperation with other international organizations