Chapter 2 – Economy and Development LMAC Mr. Wilson

 Gross Income: ▪ Your income before any deductions  Net Income:  your income 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!  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!)  Supply:  Goods and services, the inventory which a business provides  Demand:  How badly the public wants/needs a specific product (e.g.: gasoline)

 Budget:  A prediction of how much a single person, or a large corporation, will spend over a certain period of time.  Unemployment:  A percentage of the number of active workers who are not working.

Secondary Sector: Includes all businesses that are involved in the manufacturing or manipulating of raw good and materials into specific products

Tertiary Sector: Includes all businesses that are involved in the selling or shipping of products

 Imports:  Goods that are brought into a country.  Exports:  Goods that are shipped out of a country

- George W. Bush

Please answer the following in your Common- Place books using full sentences (each one will require a short paragraph!) These are not easy questions – they require some thought, maybe even (gasp!) some research. My suggestion is you talk to someone with more experienced (i.e. your parents) before completing your answers.

 How do economic decisions have an impact on our development as a society? Give examples! [C-1]  What do you think has the biggest impact on decisions and explain why? [C-1]  As a citizen, how do these decisions eventually effect YOU? [C-3]

 Quebec’s average GDP…?  What kind of an economy is it?  Where does the economy focus?  What is the Labour force like?  Which issues are a big concern? (Conclusion)

1.The Resource Regions 2.The Central Regions 3.The National Capital Region 4.Montreal and Laval

 Private (owners) vs. Public (shareholders) vs. Crown businesses.  75% of Quebec’s population works in the PRIVATE SECTOR.  57% of all job opportunities are with LARGE CORPORATIONS – however, private businesses tend to keep their money in the province.  Conclusion: Small/medium sized businesses make up most of Quebec’s economy.

PRIVATE ( majority owned by Alan Bouchard) Public Shares are traded on the open market – special deals given to employees

“Crown” is an old meaning - from where?

MEDIUMSMALL

 Quebec exports over 53% of everything it produces.  2/3 of those exports go to foreign countries, the last third goes to 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!)

 In 2008 Quebec’s Unemployment = 6.7%  Since 2009 = 7.7%  Layoffs and financial uncertainty.  Credit and Inflation  Provincial average – there is a lot of disparity between the different areas!