SOCA02H3 : lec3.docx
Document Summary
Productivity: lean production, how much you produce for every hour. How productive farming has become related to wealth. Adam smith: one of the first economists; prices are determined by supply & demand low supply, high demand, high prices. Example: staples (raw materials; timber, minerals, oil, fish) The division of labour increases (specialization) the more work tasks, the greater the labour. Canada used to be in its early days. We have become a service economy not all service jobs are good jobs, some don"t pay that well & aren"t that prestige. Modern economies are service sectors elite sectors. Agricultural revolution began about 10 000 years ago. Post-industrial revolution (service industry dominates the economy) took place in the 20th century. Ontario has become de-industrialized, & more of a service economy. As industries move away, the jobs that those industries w. England became an economic world power (its 5th or 6th now) By the early 1800s, factory production produced more wealth .
