Comparing Economic Systems - Najas



Comparing Economic Systems

The United States Central Intelligence Agency’s The World Factbook website is an excellent source of information about every country. Go to for assistance in completing this chart. (Information in the CIA World Factbook is updated constantly. These were the answers on October 1, 2007.)

| |Canada |Japan |Jamaica |

|Population | | | |

|Life Expectancy at birth | 80.34 years | 82.02 |

|Literacy Rate | 99% | 99% | 87.9% |

|Government | | | |

|How are leaders elected? | The leader of |Diet | The leader of the |

| |the majority party or the |designates prime |majority party or the leader of|

| |leader of the majority |minister; constitution |the majority coalition in the |

| |coalition in the House of |requires that prime |House of Representatives is |

| |Commons is automatically |minister commands |appointed prime minister by the|

| |designated prime minister |parliamentary majority; |governor general |

| |by the governor general |following legislative | |

| | |elections, leader of | |

| | |majority party or leader | |

| | |of majority coalition in | |

| | |House of Representatives | |

| | |usually becomes prime | |

| | |minister | |

|Military Spending as % of GDP | 1.1% | 0.8% | |

|Economy | | | |

|What is the most serious economic | An affluent, | Japan's | The economy faces |

|problem facing this country? |high-tech industrial |industrial sector is |serious long-term problems: |

| |society in the trillion |heavily dependent on |high but declining interest |

| |dollar class, Canada |imported raw materials |rates, increased foreign |

| |resembles the US in its |and fuels. The tiny |competition, exchange rate |

| |market-oriented economic |agricultural sector is |instability, a sizable |

| |system, pattern of |highly subsidized and |merchandise trade deficit, |

| |production, and affluent |protected. Usually self |large-scale unemployment and |

| |living standards |sufficient in rice, Japan|underemployment, and a high |

| | |must import about 60% of |debt burden - the result of |

| | |its food on a caloric |government bailouts to ailing |

| | |basis. Growth slowed |sectors of the economy |

| | |averaging just 1.7%, | |

| | |largely because of the | |

| | |after effects of | |

| | |overinvestment and an | |

| | |asset price bubble during| |

| | |the late 1980s that | |

| | |required a protracted | |

| | |period of time for firms | |

| | |to reduce excess debt, | |

| | |capital, and labor. From | |

| | |2000 to 2001, government | |

| | |efforts to revive | |

| | |economic growth proved | |

| | |short-lived and were | |

| | |hampered by the slowing | |

| | |of the US, European, and | |

| | |Asian economies. In | |

| | |2002-06, growth improved | |

| | |and the lingering fears | |

| | |of deflation in prices | |

| | |and economic activity | |

| | |lessened. Japan's huge | |

| | |government debt, which | |

| | |totals 176% of GDP, and | |

| | |the aging of the | |

| | |population are two major | |

| | |long-run problems. Some | |

| | |fear that a rise in taxes| |

| | |could endanger the | |

| | |current economic | |

| | |recovery. | |

|Gross Domestic Product per capita | $35,700 | |

|Gross Domestic Product – real growth | 2.8% | 2.2% | |

|What percentage of the population works | 2% | 4.6% | |

|What percentage of the population works | 22% | 27.8% | |

|What percentage of the population works | 75% | 67.7% | |

|Population below the poverty line | 15.9% | |

|Agriculture – Products | wheat, barley,| rice, sugar | sugarcane, bananas,|

| |oilseed, tobacco, fruits, |beets, vegetables, fruit;|coffee, citrus, yams, ackees, |

| |vegetables; dairy |pork, poultry, dairy |vegetables; poultry, goats, |

| |products; forest products;|products, eggs; fish | |

|Major Industries | transportation| motor | tourism, |

| |equipment, chemicals, |vehicles, electronic |bauxite/alumina, agro |

| |processed and unprocessed |equipment, machine tools,|processing, light manufactures,|

| |minerals, food products, |steel and nonferrous |rum, cement, metal, paper, |

| |wood and paper products, |metals, ships, chemicals,|chemical products, |

| |fish products, petroleum |textiles, processed foods|telecommunications |

| |and natural gas | | |

|Exports | $405 billion | $590.3 | $2.087 billion |

|Export Partners by % | US 84.2%, | US 22.8%, | US 25.8%, Canada |

| |Japan 2.1%, UK 1.8% |7.8% | |

|Imports | $353.2 billion| $524.1 | $4.682 billion |

|Import Partners by % | US 56.7%, | China 20.5%, | US 41.4%, Trinidad |

| |China 7.8%, Mexico 3.8% |US 12%, Saudi Arabia 6.4%|and Tobago 14%, Venezuela 5.5% |

| | | | |

|Internet country code | .ca | .jp | .jm |

|Internet users | 21.9 million | 87.54 | 1.067 million |

1. What percentage of the population of each country is in the labor force?

Canada 52.7%; Jamaica 39.6%; Japan 52.1%

2. What are the similarities and differences between the three countries in terms of the population that works in each type of industry?

Canada has less than half as many agricultural workers as Japan as a percentage of workers even though it is a major food exporter. A far greater proportion of the Jamaican population is engaged in food production. Japan has a significantly greater percentage of workers engaged in industry. Canada has the highest percentage of service workers.

3. Why might some products appear on both a country’s import and export list. Provide an example to explain your answer.

Japan imports and exports chemicals. Jamaica exports sugar, bananas, coffee, yams, and beverages but also imports food. Canada imports and exports motor vehicles and electricity. Canadian consumers can choose any make and model of car they want but not every make and model is produced in Canada. Car plants in the United States and Mexico specialize in certain makes and models so excess Canadian Chevrolets are sent to the United States for Honda Civics.

4. Exports and imports total in the billions of dollars for each country. Explain what this tells you about our society.

Modern industrial nations tend to specialize in areas where they hold the greatest competitive advantages. Trading accentuates the benefits to producers and consumers on both sides of the border.

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