SOCI 2F60 Lecture Notes - Industrial Revolution, Ethnic Cleansing, Bosniaks
19 Jan 2013
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Document Summary
Economies have developed as part of the great transformation. They organize production, distribution and in exchange and distributing those things and then exchanging those things for money in the modern world. In feudal era, takes a couple of workers that work the average farm that work in the west today. Family and farmer can do those things. Look how productive farming became at this time. The more productive and wealthy they are. Markets regulates the exchange of goods and services so you can draw on adam smith here one of the first economists. Prices are determined by supply and demand. If you have for instance, low supply, you may have high demand = high prices. Staples: canada was and still is much more than a staples economy raw material thing such as timber, minerals, oil and fish. Canada at one time used to export thousands of cod every year.
