canada's economic identity. bbb - 1.3 - canada's economic identity2 historically canada...
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CANADA'S ECONOMIC CANADA'S ECONOMIC IDENTITYIDENTITY
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HistoricallyHistorically
Canada traded its primary resources Canada traded its primary resources to countries who then converted to countries who then converted them into semi-manufactured them into semi-manufactured goods/end products and resold them goods/end products and resold them to their own populations or the to their own populations or the international marketplaceinternational marketplace
Canada often bought back the end-Canada often bought back the end-goods made from the resources it goods made from the resources it sold sold
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Capital intensive industries are based Capital intensive industries are based on primary resources because they on primary resources because they require a large investment of money require a large investment of money in machinery, but are not labour in machinery, but are not labour intensive (require a large number of intensive (require a large number of skilled workers)skilled workers)
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CurrentlyCurrently
International trade shift:International trade shift:– Primary resource-based exports fell from Primary resource-based exports fell from
43% of total merchandise exports to 43% of total merchandise exports to 18% (since 1970)18% (since 1970) Fewer primary resources are being exportedFewer primary resources are being exported
– Semi-manufactured and end-product Semi-manufactured and end-product exports increased from 57% to 82% of exports increased from 57% to 82% of total merchandise exportstotal merchandise exports More manufactured products are being More manufactured products are being
exportedexported
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The extraction of natural resources is The extraction of natural resources is increasingly adopting advanced increasingly adopting advanced technology, requiring skilled workers technology, requiring skilled workers and forcing wage rates higher in and forcing wage rates higher in order to attract skilled and order to attract skilled and knowledgeable workersknowledgeable workers
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Canada’s service trade is also Canada’s service trade is also growing fast because investments in growing fast because investments in research and development and research and development and quality education contribute to our quality education contribute to our growing leadershipgrowing leadership
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CANADA’S MAJOR CANADA’S MAJOR INDUSTRIESINDUSTRIES
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Primary IndustriesPrimary Industries
Take raw materials from nature, Take raw materials from nature, process them slightly, and sell them process them slightly, and sell them to other businesses that use them to to other businesses that use them to make other products or to provide make other products or to provide servicesservices
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4 major primary industries in Canada 4 major primary industries in Canada – – – agriculture (animals), agriculture (animals), – fishing and trapping (fish and wild fishing and trapping (fish and wild
animals),animals),– forestry and logging (wood), forestry and logging (wood), – energy and mining (metals, minerals, energy and mining (metals, minerals,
electricity)electricity)
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Makes finished products out of raw materials Makes finished products out of raw materials – Includes the processing and fabrication sectorsIncludes the processing and fabrication sectors
ProcessingProcessing: form of a product altered (milk : form of a product altered (milk to cheese)to cheese)
FabricationFabrication: building or constructing : building or constructing something from raw materials (Wood to desk something from raw materials (Wood to desk or housing)or housing)
Labour intensive industryLabour intensive industry: requires large : requires large number of skilled or unskilled workersnumber of skilled or unskilled workers
ManufacturingManufacturing
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ManufacturingManufacturing
Dominant Industries in CanadaDominant Industries in Canada– Processed food (meats, cookies, etc.), Processed food (meats, cookies, etc.),
Beverages Beverages – Rubber, Plastic, LeatherRubber, Plastic, Leather– Textiles (fabrics), Wood Textiles (fabrics), Wood – See pg. 19-20 for the rest of this listSee pg. 19-20 for the rest of this list
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ServicesServices
Do not sell tangible itemsDo not sell tangible items Include activities that are performed Include activities that are performed
by experts who can do what by experts who can do what untrained people cannot do (pilots, untrained people cannot do (pilots, mechanics, accountants, engineers, mechanics, accountants, engineers, doctors, teachers, architects, doctors, teachers, architects, builders, and chefs)builders, and chefs)
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Fastest growing sector is consulting Fastest growing sector is consulting services (advice)services (advice)
Dominant industries in CanadaDominant industries in Canada– Commercial servicesCommercial services– TravelTravel– TransportationTransportation– GovernmentGovernment
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Canada’s top 10 biggest Canada’s top 10 biggest companies (Profit)companies (Profit)
1 21 2Royal Bank of CanadaRoyal Bank of Canada7,442,0007,442,000MontrealMontreal & & TorontoToronto
2 2 Bank of Nova ScotiaBank of Nova Scotia6,466,0006,466,000TorontoToronto 3 23 2Toronto-Dominion BankToronto-Dominion Bank6,367,0006,367,000TorontoToronto 4 34 3Bank of MontrealBank of Montreal4,115,0004,115,000MontrealMontreal & & TorontoToronto 5 15 1Imperial OilImperial Oil3,766,0003,766,000CalgaryCalgary 6 26 2CIBCCIBC3,339,0003,339,000TorontoToronto 7 27 2Suncor EnergySuncor Energy2,783,000Calgary2,783,000Calgary 8 5BCE Inc.2,763,000Montreal8 5BCE Inc.2,763,000Montreal 9 3Canadian National Railway2,680,000Montreal9 3Canadian National Railway2,680,000Montreal 10 2Potash Corporation of 10 2Potash Corporation of
Saskatchewan2,668,000Saskatchewan2,668,000