Transcript ECONOMY OF US and CANADA

Because of
many natural
resources and a
hardworking
labor force, the
U.S. has the
world’s most
productive
economy.
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Canada is one of
the world’s
most
economically
advanced
countries
• It is how a society
makes, exchanges,
and uses goods and
services.
• Goods- stuff you buy
because you need or
want
• Services- provided by
an individual or
company
• The US and Canada have a “Free Market”
economy- people can have their own
businesses and property and make
decisions about them.
• Communist Economy- the government
controls and makes decisions for people
• Traditional Economy- decisions are based
on customs or beliefs of culture
1700’s
•Farming was
common. People
grew food for
themselves, or
they sold crops
like cotton.
1800’s
•Americans
began working
at factories.
Manufacturing
and producing
goods.
1900’s-Today
•Service
industries are
the largest part
of the economy.
People enjoy
using industries
that provide
services like
entertainment
and restaurants.
• The U.S. is the richest country on earth $$$
This is because of the freedom people have
to spend and invest their money.
$?HOW DO YOU SPEND YOUR MONEY?$
If you had $100.00, what would you chose
to do with the money? Would you spend
it? Start a business? Buy something? Make
a donation?
• Created by Canada and
the U.S.
• Consists of miles of
canals, 15 locks, 3
dams, and many
hydroelectric power
stations that provide
cities with power.
• Allows ships from the
Atlantic Ocean to reach
the Great Lakes ports.
• NAFTA- North American Free Trade
Agreement
• NAFTA is a treaty between Canada, Mexico,
and the U.S. that eliminates trade barriers.
Without taxes and trade barriers, more
people will want to buy products from other
countries.
• Some Canadians fear that their economy is
becoming too dependent on the U.S.
• The U.S. trades with Canada more than any
other country.
• Geography DOES affect the economy!
• In the US and Canada, different
geographical regions create many
different jobs.
• There are 5 economic regions in the U.S.
The Northeast, the South, the Midwest,
the Interior West, and the Pacific.
• There are 4 economic regions in Canada.
• This is where we live!
• Made up of several large URBAN areas
• Focus is on business and trade because in
many places there is poor soil for farming.
• Also, lots of media, communication
companies
• Biotechnology research- is the study of
cells to improve health
• Rich soil allows farmers to grow different
crops, like corn, wheat, and soybeans.
• Mineral resources are found in this
region, like iron ore, coal, lead, and zinc.
• Used to have many manufacturing
factories in the 1800’s, some have now
closed down.
• This region also has rich soil and is a big
area for agriculture or farming.
• The South is also a popular place for
tourism activities.
• The grand scenery and outdoor recreation
attract many tourists.
• Mining, ranching, and lumbering are
other popular activities.
• Farming-Fruits and Vegetables are
important crops grown in fertile areas of
California, Oregon, and Washington.
• Coffee grows in the rich volcanic soil of
Hawaii.
• Fish and timber are important resources
in the Pacific region.
• Los Angeles is the world center of the
movie industry, entertainment.
• Although fishing used to be a major
industry, overfishing has weakened the
job market.
• Today many people have jobs in
manufacturing, mining, and tourism.
• Ontario
– Largest Population
– Greatest Wealth in Canada
– Center for business
• Quebec is well known for:
– Paper Industry
– Hydroelectric Power
– Many French-speaking people in Quebec want to
secede from Canada, and become their own
country.
• Farming and ranching- produces large
amounts of wheat.
• Contains some of the world’s largest
reserves of oil and natural gas.
• British Columbia province has deep, rich
forests, and they are the world’s largest
producer of NEWSPRINT- type of paper
used to print newspapers.
• Canada’s north covers about 1/3 of the
country.
• This area includes the Yukon Territory,
the Northwest Territory, and Nunavut.
• Many people who live in this area are
INDIGENOUS.
• The main resources are minerals like gold
and diamonds.