HLTC43H3 Chapter 8: chapter 8
Document Summary
Since the 1970s, social and economic changes have dramatically restructured the global economy, specifically the process of production and investment. In addition, concerns about rising deficits that began in the early 1980s drove both federal and provincial gvnts to reduce social and health spending. A market is a complex set of social institutions that enables the exchange of a commodity such as a good(housing) or service (health care) btwn a seller and a buyer. The market is thus a mod of exchange that meets the nees of society by buying and selling goods and services as private property or commodities. In the market, the process of distribution is based on competitive supply and demand in the exchange process. The market also comes to represent a means by which labour power and capital, income, and wealth are distributed through process of production and consumption. Inequalities in such distributions may also give way to differences in political power and influence.
