Canadas Economy

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Canadas Economy

  1. 1. Canada’s Economy Unit 5 Notes
  2. 2. 3 Economic Questions… <ul><li>What to Produce? </li></ul><ul><ul><li>Businesses decide and government approves/denies it </li></ul></ul><ul><li>How to produce it? </li></ul><ul><ul><li>Businesses decide & government regulates procedures </li></ul></ul><ul><li>For whom to produce? </li></ul><ul><ul><li>Businesses decide based on supply & demand (price) </li></ul></ul><ul><li>Which economic system does Canada have?… </li></ul>
  3. 3. Canada’s Economic System <ul><li>Canada has a Mixed economic system </li></ul><ul><ul><li>It’s actually pretty close to a Market economy; however, there is some government regulation among industries </li></ul></ul><ul><li>Canada is economically strong </li></ul>
  4. 4. Canada’s Physical Trade Barriers <ul><li>Northern Canada: glaciers & ice block trade by land and water. </li></ul><ul><li>Western Canada: Rocky Mountains also block trade & travel. </li></ul>
  5. 5. North American Free Trade Agreement (NAFTA) <ul><li>1993—Canada, USA, & Mexico signed a treaty to eliminate trade barriers between the countries </li></ul><ul><ul><li>They now have free trade, which allows goods to flow freely among the countries </li></ul></ul><ul><li>Some Canadians don’t agree with NAFTA: </li></ul><ul><ul><li>Fear that their economy is too dependent on the US </li></ul></ul><ul><ul><li>Worry that American economy will dominate the partnership </li></ul></ul>
  6. 6. Canada’s Natural Resources <ul><li>What’s available? </li></ul><ul><ul><li>Iron ore, nickel, zinc, copper, gold, lead, molybdenum, potash, diamonds, silver, fish, timber, wildlife, coal, petroleum, natural gas, hydroelectric power </li></ul></ul>
  7. 7. Canada’s Land Use <ul><li>What percentage of the land is arable (capable of being farmed)? </li></ul><ul><ul><li>5% (only in Southern Canada; Northern Canada’s terrain is permafrost!) </li></ul></ul><ul><li>What are the major agricultural products? </li></ul><ul><ul><li>Wheat, barley, oilseed, tobacco, fruits, vegetables, dairy products, forest products, fish </li></ul></ul>
  8. 8. Canada’s Industries <ul><li>What’s being produced in the factories? </li></ul><ul><ul><li>Transportation equipment, chemicals, processed and unprocessed minerals, food products, wood and paper products, fish products, petroleum, natural gas </li></ul></ul>
  9. 9. Canada’s Exports <ul><li>Chief exports: </li></ul><ul><ul><li>Motor vehicles & parts, industrial machinery, aircrafts, telecommunications equipment, chemicals, plastics, fertilizers, wood pulp, timber, crude petroleum, natural gas, electricity, aluminum </li></ul></ul><ul><li>Exports total (2007): $431.1 billion </li></ul><ul><li>Top exporting partners: US (79.3%), UK (2.8%), China (2.1%) </li></ul>
  10. 10. Canada’s Imports <ul><li>Chief imports: </li></ul><ul><ul><li>Machinery & equipment, motor vehicles & parts, crude oil, chemicals, electricity consumer goods </li></ul></ul><ul><li>Imports total (2007): $386.4 billion </li></ul><ul><li>Top importing partners: US (54.4%), China (9.4%), Mexico (4.2%) </li></ul>
  11. 11. Canada’s Literacy Rate <ul><li>What percentage of people over the age of 15 can read and write? </li></ul><ul><ul><li>99% </li></ul></ul><ul><li>How long are students required to stay in school? </li></ul><ul><ul><li>17 years </li></ul></ul>
  12. 12. Canada’s Unemployment Rate <ul><li>What percentage of people do not have jobs? </li></ul><ul><ul><li>6% </li></ul></ul><ul><li>What percentage of people live in poverty? </li></ul><ul><ul><li>10.8% </li></ul></ul>
  13. 13. Canada’s GDP <ul><li>$1.271 trillion (2007) </li></ul><ul><li>GDP Per Capita--What is the value of goods and services produced per person ? </li></ul><ul><ul><li>$38,600 (2007) </li></ul></ul>
  14. 14. Canada’s Economic Problems <ul><li>Unemployment & poverty </li></ul><ul><li>Over depletion of natural resources </li></ul><ul><li>Acid rain from factories near Great Lakes region </li></ul><ul><li>Improving public services (which forces the country to raise taxes) </li></ul>

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