The Economy and Careers in NC Chapter NC 18 The Economy and Careers in NC

Working in North Carolina Historically the foundations have been agriculture and manufacturing. Agriculture 22% of the state income and 20% if the workforce Manufacturing 15% of non-farm jobs 60% of the nation’s wooden furniture Biotechnology The application of technology to solve problems involving living organisms.

Working in North Carolina Historically the foundations have been agriculture and manufacturing. Information Technology The use of computers for storage, communication, and use of data Banking and Finance Banks headquartered in Charlotte Construction Film

Specialization Occurs when a business or place devotes certain resources to a specific task A comparative advantage occurs when a nation specializes in a product that it is most efficient in Meaning that country can produce a product at a lower opportunity cost than another country Specialization increases productivity, reduces total costs and increases profits

The State’s Role in North Carolina Economy Department of Commerce A mission of improving the economic well-being of all the state’s residents Works to bring new companies and industries to the state Investing in Workers Supporting higher education Occupational safety and health laws

The Federal Government’s Role Provides support for businesses Federal grant programs

Preparing for a Career Education Lifelong Learning Most new jobs call for highly educated and skilled workers Lifelong Learning It is often necessary to learn new skills in order to keep up with changes in the industries Professional Attitudes Employers demand workers who are honest and hard- working.

Section 2 NC in the Global Economy Globalization The growing interconnection of the economies of countries around the world

Protectionism Free Trade The use of tariffs and other trade barriers to protect domestic industry A government may fix prices on products like milk to help the dairy industry stay competitive Free Trade The removal of protectionist tariffs and other barriers of trade Lets the market forces (supply and demand) establish prices

Controversy Controversy over Globalization Some people argue that it have widened economic inequality between the rich and poor by benefiting some countries and people more than others. Others say that globalization has helped prosperity by crating economic opportunities for more people

US and Free Trade EU NAFTA CAFTA-DR A large market, representing many European countries with a single currency NAFTA Agreement designed to create a large free-trade zone CAFTA-DR Free trade zone

NC in the World Market New Opportunities Facing New Challenges Key trading partners Canada, Japan, and Mexico A recipient of significant foreign direct investment Facing New Challenges Globalization requires competition in the global market place Success has brought wealth and prosperity Many have found it difficult to compete globally A high share of NC workers are employed in traditional manufacturing jobs