Lesson 4 chapter 4 canada
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Transcript of Lesson 4 chapter 4 canada
![Page 1: Lesson 4 chapter 4 canada](https://reader036.fdocuments.us/reader036/viewer/2022062312/555922a7d8b42a88038b529d/html5/thumbnails/1.jpg)
Canada’s Economy
Unit 5 Notes
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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?…
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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!
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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!
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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
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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
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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
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Canada’s ExportsChief 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 billionTop exporting partners: US (79.3%), UK (2.8%), China (2.1%)
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Canada’s ImportsChief 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%)
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Which country is Canada’s biggest trading partner?
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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
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Canada’s Unemployment Rate
What percentage of people do not have jobs?– 6%
What percentage of people live in poverty?– 10.8%
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Canada’s GDP
$1.271 trillion (2007)
GDP Per Capita--What is the value of goods and services produced per person?– $38,600 (2007)
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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 factoriesAbundant Natural ResourcesEntrepreneurship
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North American Free Trade Agreement
Signed by the US, Canada, & Mexico in the mid-1990sEliminated trade barriers between the 3 countriesFree Trade between the 3 countriesHow has it affected Canada’s economy?– It eliminated trade barriers with US & Mexico, and
allows them to trade more freely at a better cost
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Canada’s Economic ProblemsUnemployment & poverty
Over depletion of natural resources
Acid rain from factories near Great Lakes region
Improving public services (which forces the country to raise taxes)