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ECON 2K03 Lecture Notes - Intermediate Good, Canadian Labour Congress

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Hannah Holmes

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The national Policy years to 1913
Service Sector
In general,
1. In some cases, output is intended mainly for use by households
ex: personal banking… income elastic
2. In some cases, output is an intermediate good
ex: freight transportation… from business to retailer
3. Some services are produced privately, some privately with substantial
government involvement and some directly by government
4. Some services are non-tradable (like haircuts) and some are tradable (like
financial services to businesses).
Banking and Finance
1. Financial intermediation transfer of funds from savers to borrowers
banks and private non-banks.
2. Financial brokerage transfer of financial claims stock markets, foreign
exchange dealers.
Originally electricity was coal-fired
Water harnessed to power mills
Joint efforts with US to harness Niagara Falls
Distributors were privately owned
Hydro developments were important economic events
Economies of scale and drops in prices
1859 unionism became more international
unions were local pre this time
1870s busy time for unions forming
Trades and Labour Congress of Canada (TLC)
TLC non-partisan; had considerable economic clout
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