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ECONOMY OF U.S. and CANADA

Because of many natural resources and a hardworking labor force, the U.S. has the world’s most productive economy. Canada is one of the world’s most economically advanced countries. ECONOMY OF U.S. and CANADA. $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $. What is economics??.

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ECONOMY OF U.S. and CANADA

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  1. Because of many natural resources and a hardworking labor force, the U.S. has the world’s most productive economy. Canada is one of the world’s most economically advanced countries ECONOMYOF U.S. and CANADA $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

  2. What is economics?? • 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

  3. Different Types of Economy • 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

  4. Past to Present

  5. Today‘s Economy • 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?

  6. St. Lawrence Seaway • 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.

  7. Trade between U.S. and Canada • 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.

  8. Geography and Economy? • Geography DOES affect the economy! • In the US and Canada, different geographical regions create many different jobs. • There are 5economic regions in the U.S. The Northeast, the South, the Midwest, the Interior West, and the Pacific. • There are 4 economic regions in Canada.

  9. U.S. Regions- #1 The Northeast • 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

  10. Region #2- The Midwest • 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.

  11. Region #3- The South • 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.

  12. Region #4- The Interior West • The grand scenery and outdoor recreation attract many tourists. • Mining, ranching, and lumbering are other popular activities.

  13. Region #5- The Pacific • 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.

  14. Canada’s Regions- #1 Atlantic Provinces • Although fishing used to be a major industry, overfishing has weakened the job market. • Today many people have jobs in manufacturing, mining, and tourism.

  15. Canada Region #2-Central & Eastern • 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.

  16. Canada Region #3-The West • 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.

  17. Canada Region #4-The North • 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.

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