Unit 2 Definitions Flashcards
What is economy?
Consists of the production, distribution of trade, and consumption of limited goods and services by different agents in a given geographical area.
What is standard of living?
Refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class in a certain geographical area.
What was the national policy?
A Canadian economic program introduced by John A. Macdonald’s Conservative Party in 1876 and put into action in 1879. It called for high tariffs on imported manufactured items to protect the manufacturing industries.
What was the reciprocity agreement?
An agreement between the US and Canada to mutually reduce import duties and protective tariffs charged on goods exchanged between the countries from 1854 to 1948. No tax on natural resources but tax on manufactured goods.
What is the trans pacific partnership?
A proposed trade agreement among twelve Pacific Rim countries concerning a variety of matters of economic policy, about with agreement was reached on October 5, 2015 after 5 years of negotiations.
