Global Inequalities

Traditional Economic System

An economic system where decisions are guided by customs, traditions, and beliefs. Production focuses on meeting the needs of the community rather than making profits. Examples: Somalia, Chad, Sudan.

Command Economic System

An economic system where the government controls the production and distribution of goods and services. Often has less homelessness and poverty but less economic freedom and incentive. Example: North Korea.

Market Economic System

An economic system where supply and demand determine production and prices with little government involvement. Can lead to both extreme wealth and extreme poverty. Examples: Singapore, Switzerland, Ireland.

Mixed Economy

An economic system that combines elements of different economic systems and is influenced by governments, businesses, and consumers. Example: Canada.

Primary Industry

An industry that extracts or uses natural resources. Examples: mining, farming, forestry.

Secondary Industry

An industry that processes natural resources into finished products. Examples: factories, automotive manufacturing.

Tertiary Industry

An industry that provides services rather than goods. Examples: banking, healthcare, transportation.

Quaternary Industry

An industry focused on technology, education, research, and information. Examples: IT, media, research and development.

Import

A product or service bought from another country and brought into Canada.

Canada's Top Imports

Vehicles, machinery, computers, mineral fuels and oil, plastics, and medical equipment.

Export

A product or service made in Canada and sold to another country.

Canada's Top Exports

Fuel and oil, vehicles, machinery and computers, gems and precious materials, and wood.

GDP (Gross Domestic Product)

The total monetary value of all finished goods and services produced within a country's borders during a specific period.

NGO (Non-Governmental Organization)

A not-for-profit organization that works to address social, environmental, or humanitarian issues around the world.

Examples of NGOs

Red Cross, Concern Worldwide, ShareLife.

Fair Trade

A system that ensures producers in developing countries receive fair wages and better working conditions.

Examples of Fair Trade Products

Coffee, wine, sugar, chocolate and jewellery.

CUSMA

The Canada-United States-Mexico Agreement; a trade agreement designed to promote fair trade and reduce tariffs between the three countries.

Child Labour

Work that deprives children of education and a normal childhood. It can be paid or unpaid work.

How Many Children Are Affected by Child Labour?

Approximately 150 million children worldwide.

Main Cause of Child Labour

Poverty.

Foreign Aid

Money, food, or resources given or lent by one country to another to support development or provide relief.

Poverty

A condition where people lack sufficient income or resources to meet basic needs.

Goods

Physical, tangible products that can be owned, stored, and transferred.

Services

Intangible actions or activities provided by someone else that cannot be physically owned.

Natural Resources

Economic resources provided by nature, such as water, forests, fossil fuels, and land.

Technology

Tools and innovations that improve productivity and support economic development.

Laws

Rules that can encourage or restrict economic activity.

Human Capital

The skills, knowledge, and experience of individuals that contribute to economic productivity.

Infrastructure

Buildings, equipment, roads, factories, and machinery that support economic activity.

Population

The number of people living in a country; population growth is often linked to economic growth.

Unequal Access to Education

A development issue where many people lack educational opportunities. Over 70 million children and 750 million adults cannot read or write.

Lack of Access to Clean Water

A development issue affecting about 40% of the world's population who lack access to safe drinking water.

Gender Equality

The equal rights, responsibilities, and opportunities of all genders.

Health and Disease

A development issue where many countries lack access to quality healthcare systems.

Climate Change

A global issue causing rising sea levels, stronger storms, and threats to economic development.

Environmental Hazards

Risks to people and the environment caused by chemicals, pollution, and other harmful materials.

Life Expectancy

The average number of years a person is expected to live.

Factors Affecting Life Expectancy

Access to healthcare, clean water, food, and living conditions.

Doubling Time

The amount of time it takes for a population to double in size.

Poverty Rate

The percentage of people whose income falls below the poverty line.

Poverty Line

The minimum income level considered adequate for basic living needs in a country.

Unemployment Rate

The percentage of the labour force that is unemployed and actively seeking work.

Literacy Rate

The percentage of people who can read and write.

Why Is Literacy Important?

Higher literacy leads to better job opportunities and improved quality of life.

Economic Factors That Influence Development

Natural resources, technology, laws, human capital, infrastructure, and population.

Examples of Development Issues

Poverty, child labour, unequal access to education, lack of clean water, gender inequality, poor healthcare, climate change, and environmental hazards.