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

2. 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.

3. 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

4. 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

5. 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

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

7. 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.

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

9. 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

11. 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

13. 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

15. 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