ECON 2420 Chapter Notes - Chapter 13: Gross Domestic Product, Electric Light, Intermediate Good
29 Nov 2017
School
Department
Course
Professor
Document Summary
History of the canadian economy chapter 13: utilities, services, and government. The fourth broad economic sector of the canadian economy, services, was second in size only to agriculture in 1870, and grew in relative importance every decade thereafter. By 1910, services accounted for over 50 percent of the gross domestic product (gdp) Complex new industries such as railways helped create a greater demand for financial services. The growth of cities and the development of new technologies further spurred the sector. Shares of gdp accounted for by each of the activities in the sector (services) for the census year 1870: largest sector: with 7. 4% of total value added, was community, business, and personal services. Includes education and public resource royalties: fourth: banking and finance at 2. 1% of gdp. All sectors increased their share of gdp between 1870 and 1900 except construction: banking and finance increase most rapidly, other activities increased at fairly even pace, construction is a highly cyclical industry.
