Chapter 2 – Economy and Development Mr Wilson History 404 A Quick Overview…

In your Common-Place books...  What is the issue here?  What are some of the effects of this trade? (On development, on regions, on cultures?)  Do you think this kind of thing happens a lot between 1 st World countries and 3 rd world countries?

Economic Vocabulary (write this down!)  Gross = Before any deductions  Net = After any deductions  Capital = can be money or capital goods that can be used as an investment or for a return.  Disparity = refers to an inequality between the distribution of economic assets or income. Can be applied to Countries as well!

Economic Vocabulary (write this down!)  Gross Domestic Product = how much a country or a region PRODUCES before any deductions (a good measure of economic growth.)  Corporation = a publicly owned business (i.e.: run by the shareholders!)

Relevant Discussion (taking a few notes on this would be a good idea)  Why are we going to discuss Quebec’s economy?  What kinds of things effect QUEBEC’s economic decision- making?  What kinds of things effect YOUR economic decisions as a citizen?

TO THE WORKBOOK! (and beyond…)

The Economic Landscape of Quebec:  Quebec’s average GDP is about $ per inhabitant.  Which would make Quebec the 21 st richest economy in the world – if it was a country! (Did I mention your workbook is BIASED?)  So what kind of an economy is it? Where does the economy focus? What is the Labour force like? Which issues are a big concern?

Quebec’s Economic Activities  All economic activities fit into three sectors: 1.The PRIMARY SECTOR = natural resources. 2.The SECONDARY SECTOR = Processing the resources or manufacturing goods. 3.The TERTIARY SECTOR = retail, transportation and services.

For example…

The Next step…

The last step…

Economic Activities

Geographic Distribution  The territory of Quebec is split into FOUR economic regions: 1.The Resource Regions – Mostly in the North, collecting resources. 2.The Central Regions - Mostly manufacturing. 3.The National Capital Region – Quebec city. 4.Montreal and Laval – highest concentration of the Tertiary Sector.

Business  Most of Quebec’s economy is fuelled by PRIVATE BUSINESS.  Approx. 75% of the active population works in the private sector.  Although large corporations offer most of the job opportunities (57%), private businesses tend to keep their money in the Province.  Therefore small/medium sized private businesses [SME] make up more of the overall economy.

“Most imports are from outside the country…” - George W. Bush - George W. Bush

Exports  Quebec exports over 53% of its products.  2/3 of those exports go to foreign countries, the last third goes to the other Provinces.  30% of Quebec’s economy is based on these exports.  The majority of these exports are from the Secondary Sector: Metal processing, transportation equipment, paper, industrial and commercial machinery, chemical products (oil!)

Employment and Unemployment  In 2008 the unemployment rate was at a 30 year low = 6.7%  However, since the economic downturn last fall, it has been quite high = 7.7%  These kinds of changes over a relatively short period of time lead to layoffs and financial uncertainty.  However, this is a Provincial average – there is a lot of disparity between the different areas!

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