Do Now- Do Now- Discuss what you know about the provinces and territories with the person sitting next to you!

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Economyof

Canada

Essential QuestionEssential Question• What makes Canada’s economy What makes Canada’s economy

diverse? diverse?

Define the vocabulary. Define the vocabulary. ExportExportImportImportProtectionismProtectionismFree TradeFree TradeEconomic Economic Indicators – Indicators – Give examples Give examples of thisof this

exportexport• Goods sent for sale to other places.Goods sent for sale to other places.

ImportImport• Goods brought in for sale from other Goods brought in for sale from other

places.places.

protectionismprotectionism• A government policy that calls for some A government policy that calls for some

type of action, such as raising tariffs type of action, such as raising tariffs (prices), to protect a market from (prices), to protect a market from imports (goods brought in for sale).imports (goods brought in for sale).

• These laws taxed imports. Thus, the These laws taxed imports. Thus, the imports cost more so the people imports cost more so the people bought less of them.bought less of them.

Free tradeFree trade• Trade without limits or protections.Trade without limits or protections.

• In 1994, Canada, Mexico and United In 1994, Canada, Mexico and United States signed North American Free Trade States signed North American Free Trade Agreement (NAFTA)Agreement (NAFTA)

Economic indicatorEconomic indicator• A measure of a countries economy and A measure of a countries economy and

how well its people live.how well its people live.

• GDP, per Capita GDP, Literacy Rate, GDP, per Capita GDP, Literacy Rate, Unemployment Rate, exchange rateUnemployment Rate, exchange rate

Canada’s Economic RegionsCanada’s Economic Regions• Atlantic ProvincesAtlantic Provinces• Ontario and QuebecOntario and Quebec• Prairie Provinces Prairie Provinces • British ColumbiaBritish Columbia• Territories (Yukon, Northwest, Territories (Yukon, Northwest,

Nunavut)Nunavut)

• In the Economic Region column, In the Economic Region column, identify the Provinces or Territories identify the Provinces or Territories that are in each region. that are in each region.

• Atlantic Provinces- Nova Scotia, Atlantic Provinces- Nova Scotia, Prince Edward Island, New Brunswick, Prince Edward Island, New Brunswick, and New Foundland and Labradorand New Foundland and Labrador

• Ontario and Quebec- “Heartland of Ontario and Quebec- “Heartland of Canada”Canada”

• Prairie Provinces- “Breadbasket of Prairie Provinces- “Breadbasket of Canada” Alberta, Manitoba, and Canada” Alberta, Manitoba, and Saskatchewan Saskatchewan

Economic Regions ContinuedEconomic Regions Continued

British Columbia- British ColumbiaBritish Columbia- British Columbia

Territories- 40% of the LandTerritories- 40% of the LandYukon, Northwest, and The NunavutYukon, Northwest, and The Nunavut

Check your work.Check your work.Primary IndustryPrimary Industry - 3% of the workforce3% of the workforce- Atlantic Provinces: Farming, mining, Atlantic Provinces: Farming, mining,

fishing fishing - Prairie Provinces: wheat farms, cattle Prairie Provinces: wheat farms, cattle

ranches, fossil fuels such as coal, oil, and ranches, fossil fuels such as coal, oil, and natural gas. natural gas.

- British Columbia: fishing, forestryBritish Columbia: fishing, forestry- Territories- fishing, hunting, and miningTerritories- fishing, hunting, and mining

Secondary Industry Secondary Industry 13% of the workforce13% of the workforce-Atlantic Provinces- manufacturing and -Atlantic Provinces- manufacturing and

processing plantsprocessing plants-Ontario and Quebec- factories of consumer -Ontario and Quebec- factories of consumer

goods and products from steel and iron. goods and products from steel and iron. -British Columbia- processing lumber and -British Columbia- processing lumber and

manufacturing paper. manufacturing paper. - production of hydroelectric power - production of hydroelectric power

Tertiary Industry Tertiary Industry 76% of the workforce76% of the workforceAtlantic Provinces: shipping, tourismAtlantic Provinces: shipping, tourism-Quebec, Ontario and Montreal : shipping -Quebec, Ontario and Montreal : shipping

through St. Lawrence Seaway, Trading, through St. Lawrence Seaway, Trading, and Business Activitiesand Business Activities

-British Columbia- shipping and -British Columbia- shipping and recreational activitiesrecreational activities

United States

Canada Mexico

GDP 16.24Trillion (1)

1.518Trillion (14)

1.845Trillion (11)

GDP Per Capita

$51,700(13)

$43,100(19)

$15,600 (88)

Unemployment 7.3%(94)

7.1%(75)

4.9%(45)

exchange rate 1.03CanadianDollar

12.76 Pesos

(RANK IN THE WORLD)

Notes on back of Economic Indicators Notes on back of Economic Indicators ChartChart1)1)Canada’s economy is based on free Canada’s economy is based on free

enterprise. enterprise. 2)2)Canada also has a command economy Canada also has a command economy

where the government controls certain where the government controls certain businesses and industries. (Healthcare)businesses and industries. (Healthcare)

3)3)2/3 of their trade is with the United 2/3 of their trade is with the United StatesStates

4)4)1994 Canada joined United States and 1994 Canada joined United States and Mexico in NAFTA (North American Free Mexico in NAFTA (North American Free Trade Agreement) Trade Agreement)

Do NowDo NowDiscuss the following question with a Discuss the following question with a

neighbor:neighbor:1)1) How does the population and How does the population and

geographic regions affect Canada’s geographic regions affect Canada’s economy?economy?

Write your answer on the back of the Write your answer on the back of the 11stst page of your packet. page of your packet.