Transcript Slide 1
Do Now Economy of Canada Essential Question • What makes Canada’s economy diverse? Define the vocabulary. Export Import Protectionism Free Trade Economic Indicators – Give examples of this export • Goods sent for sale to other places. Import • Goods brought in for sale from other places. protectionism • A government policy that calls for some type of action, such as raising tariffs (prices), to protect a market from imports (goods brought in for sale). • These laws taxed imports. Thus, the imports cost more so the people bought less of them. Free trade • Trade without limits or protections. • In 1994, Canada, Mexico and United States signed North American Free Trade Agreement (NAFTA) Economic indicator • A measure of a countries economy and how well its people live. • GDP, per Capita GDP, Literacy Rate, Unemployment Rate, exchange rate United States Canada Mexico GDP In Dollars 16.23 trillion 1.474 trillion 1.798Trillion GDP Per Capita In Dollars $51,700 $42,300 $15,400 Unemployment 8.1% 7.3% 5% exchange rate US Dollar Canadian Dollar .99 Peso 13.17 United States Canada Mexico GDP In Dollars 16.23 trillion 1.474 trillion 1.798Trillion GDP Per Capita In Dollars $51,700 $42,300 $15,400 Unemployment 8.1% 7.3% 5% exchange rate US Dollar Peso 13.17 Life Expectancy 78 years Canadian Dollar .99 81 years 76 years Canada’s Economic Regions • Atlantic Provinces • Ontario and Quebec • Prairie Provinces • British Columbia • Territories (Yukon, Northwest, Nunavut) • In the Economic Region column, identify the Provinces or Territories that are in each region. • Atlantic Provinces- Nova Scotia, Prince Edward Island, New Brunswick, and New Foundland and Labrador • Ontario and Quebec- “Heartland of Canada” • Prairie Provinces- “Breadbasket of Canada” Alberta, Manitoba, and Saskatchewan Economic Regions Continued British Columbia- British Columbia Territories- 40% of the Land Yukon, Northwest, and The Nunavut Check your work. Primary Industry - 3% of the workforce - Atlantic Provinces: Farming, mining, fishing - Prairie Provinces: wheat farms, cattle ranches, fossil fuels such as coal, oil, and natural gas. - British Columbia: fishing, forestry - Territories- fishing, hunting, and mining Secondary Industry 13% of the workforce -Atlantic Provinces- manufacturing and processing plants -Ontario and Quebec- factories of consumer goods and products from steel and iron. -British Columbia- processing lumber and manufacturing paper. - production of hydroelectric power Tertiary Industry 76% of the workforce Atlantic Provinces: shipping, tourism -Quebec, Ontario and Montreal : shipping through St. Lawrence Seaway, Trading, and Business Activities -British Columbia- shipping and recreational activities Notes on back of Economic Indicators Chart 1) Canada’s economy is based on free enterprise. 2) Canada also has a command economy where the government controls certain businesses and industries. (Healthcare) 3) 2/3 of their trade is with the United States 4) 1994 Canada joined United States and Mexico in NAFTA (North American Free Trade Agreement) Ticket out the door 3 – Name three tertiary industries in Canada. 2- Name two regions that impact Canada’s economy. 1- What is the name of the Canadian currency? List as many economic indicators as you can. 1. GDP- 1.474 Trillion 2. Per-capita GDP 42,300 3.Unemployment rate 7.3% 4. Literacy Rate- 99 % 5. Life Expectancy- 81 years 6.Currency Exchange rate-Canadian dollars (CAD) per US dollar - .99 Do Now Make sure that your name is on your Economy packet and prepare to hand it in. Study your notes and be ready to answer some questions about Canada’s Economy!!!!!! Pop Quiz • Using your packet, answer the following questions about Canada’s Economy. 1)Which type of industry employs the most people in Canada? 2)Name 2 Primary Industries in the Atlantic Provinces. 3)Which ECONOMIC region has the most factories that produce goods for consumers? 4)When comparing Canada and Mexico, who has the best economy? 5)List two economic indicators that provide the facts for your answer in question #4