Chapter 7 and 8 notes

Chapter 7 and 8 notes - Reading Three Four questions of the...

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Reading Three Four questions of the world economy o What will be produced o Where will it be produced o How will it be produced o For whom will it be produced Opportunity costs o 3 types of political economy 1. Capitalist 2. Command 3. Traditional o Capitalism has 2 major groups of decision makers 1. Private households 2. Corporations o In a command system, consumer goods are placed second to capital goods o Traditional – involves feudalism, duelism Reading Four Global division of labor is shattered by WWII Since 1950 – Two Major events o Emergence of china o Fall of the soviet union Period between 1950’s and 1970’s o The golden age IN the last 50 years the world has had the best growth rate Reading 5
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Expansion of the mining industry ends in the 1970’s Quality of Canadian Human Resources becomes important Harvey – time space compression theory Canada enjoyed expansion from 1945-1972 Canada runs a surplus in the airplane industry
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Chapter 7 and 8 notes - Reading Three Four questions of the...

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