ECONOMY

Quebec and the World   Quebec needs to focus on a knowledge based economy to adapt to global market. Quebec does this through training programs and investment in research and development of new industries Quebec’s high tech industries are oriented toward aeronautic and information technologies The importance of global markets can be seen by the fact that over 50% of GDP is exports Quebec is dependent on international trade for development of its economy

Market Economy Quebec is a Mixed Market economy Mixed because the government has some control over the means of production A market economy is about coordinating what is made (production and distribution) according to supply and demand Supply is how much is available for sale at a given price demand is how much is wanted at any given price  Market is where the customer decides how and what they consume based on their resources: this is how price is set 

Market Economy Part 2 The market system tries to balance the needs of the people versus the available resources. Those who have the capital resources(means of production) supply products to make a profit Weakness in this system is that if you do not take part in production it leads to inequalities Taxes are used to balance this issue hence why it is a mixed system

Sectors of the Economy There are three sectors of the Economy: 1) Primary: Natural Resources 2) Secondary: Production 3) Tertiary: Services   Production has been limited due to global economic issues Most people work in the tertiary sector The primary sector has the fewest people involved but is the most valuable to the economy

Natural resources Quebec provides services and produces goods according to its people's needs and available resources   Quebec is rich in Natural resources Quebec also processes Natural resources into finished products for example: food processing or wood and metal products

Economic Hubs Economic activity is distributed by resources and workforce Thus cities like Montreal are hubs of economic activity as they are home to most of the population and processing companies Due to this cities attract companies.   They also attract population due to the availability of work Thus economics affects distribution of population

Regional Economy Economy of the outlying regions usually depends on the collection of Natural resources   This makes some regions wealthy like Abitibi and Cote Nord due to their control of most of Quebec's mining In some areas economic development is based on one product So if something happens to the market or competition from other sources it can cause economic hardship for these regions Thus there are inequalities of economic opportunity in the Quebec outlying regions