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  • 1. Canada’s Economy Unit 5 Notes
  • 2. 3 Economic Questions…
    • What to Produce?
      • Businesses decide and government approves/denies it
    • How to produce it?
      • Businesses decide & government regulates procedures
    • For whom to produce?
      • Businesses decide based on supply & demand (price)
    • Which economic system does Canada have?…
  • 3. Canada’s Economic System
    • Canada has a Mixed economic system
      • It’s actually pretty close to a Market economy; however, there is some government regulation among industries
      • It does have Free Enterprise…
    • Canada is economically strong!
  • 4. Canada’s Foreign Exchange Rate
    • The price of 1 country’s currency compared to another…
      • 1 US dollar = 1.25 Canadian dollars
      • 1 US dollar = .77 EU euros
      • 1 Canadian dollar = .61 EU euros
    • What does this mean?
      • The US economy is stronger than Canada’s; however, the economy of the European Union is stronger than both!
  • 5. Canada’s Natural Resources
    • What’s available?
      • Iron ore, nickel, zinc, copper, gold, lead, molybdenum, potash, diamonds, silver, fish, timber, wildlife, coal, petroleum, natural gas, hydroelectric power
  • 6. Canada’s Land Use
    • What percentage of the land is arable (capable of being farmed)?
      • 5% (only in Southern Canada; Northern Canada’s terrain is permafrost!)
    • What are the major agricultural products?
      • Wheat, barley, oilseed, tobacco, fruits, vegetables, dairy products, forest products, fish
  • 7. Canada’s Industries
    • What’s being produced in the factories?
      • Transportation equipment, chemicals, processed and unprocessed minerals, food products, wood and paper products, fish products, petroleum, natural gas
  • 8. Canada’s Exports
    • Chief exports:
      • Motor vehicles & parts, industrial machinery, aircrafts, telecommunications equipment, chemicals, plastics, fertilizers, wood pulp, timber, crude petroleum, natural gas, electricity, aluminum
    • Exports total (2007): $431.1 billion
    • Top exporting partners: US (79.3%), UK (2.8%), China (2.1%)
  • 9. Canada’s Imports
    • Chief imports:
      • Machinery & equipment, motor vehicles & parts, crude oil, chemicals, electricity consumer goods
    • Imports total (2007): $386.4 billion
    • Top importing partners: US (54.4%), China (9.4%), Mexico (4.2%)
  • 10. Which country is Canada’s biggest trading partner?
  • 11. Canada’s Literacy Rate
    • What percentage of people over the age of 15 can read and write?
      • 99%
    • How long are students required to stay in school?
      • 17 years
  • 12. Canada’s Unemployment Rate
    • What percentage of people do not have jobs?
      • 6%
    • What percentage of people live in poverty?
      • 10.8%
  • 13. Canada’s GDP
    • $1.271 trillion (2007)
    • GDP Per Capita--What is the value of goods and services produced per person ?
      • $38,600 (2007)
  • 14. 4 Factors That Effect Canada’s GDP
    • Human Capital : Canada is investing in education & training (check out literacy rate!)
    • Capital Goods: Canada is investing in new technology & building new factories
    • Abundant Natural Resources
    • Entrepreneurship
  • 15. North American Free Trade Agreement
    • Signed by the US, Canada, & Mexico in the mid-1990s
    • Eliminated trade barriers between the 3 countries
    • Free Trade between the 3 countries
    • How has it affected Canada’s economy?
      • It eliminated trade barriers with US & Mexico, and allows them to trade more freely at a better cost
  • 16. Canada’s Economic Problems
    • Unemployment & poverty
    • Over depletion of natural resources
    • Acid rain from factories near Great Lakes region
    • Improving public services (which forces the country to raise taxes)