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ECONOMICS IN CANADA

SS6E1 The student will analyze different economic systems. SS6E2The student will give examples of how voluntary trade benefits buyers and sellers in Canada SS6E3 The student will describe the factors that influence economic growth and examine their presence or absence in Canada.

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ECONOMICS IN CANADA

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  1. SS6E1 The student will analyze different economic systems. SS6E2The student will give examples of how voluntary trade benefits buyers and sellers in Canada SS6E3 The student will describe the factors that influence economic growth and examine their presence or absence in Canada ECONOMICS IN CANADA

  2. ELEMENTS • Compare and contrast the economic systems found in Canada • Explain the functions of the North American Free Trade Agreement (NAFTA) • Describe the role of natural resources in a country’s economy • Describe the role of entrepreneurship

  3. ESSENTIAL QUESTIONS • What is the basic type of economic system found in Canada? • How does specialization enhance Canada’s ability to trade with other countries? • How does the North American Free Trade Agreement (NAFTA) impact Canada’s economy and trade? • Why is it necessary to exchange currencies for nations to trade?

  4. Economic System of Canada Canada has a mixed market economy. Canada’s economy has increased due to manufacturing, mining and service. The government controls things like health care and postal service, though unlike the United States, the government offers free health care to any citizen in Canada. Canada freely trades with many countries, but gets most of its imports from the United States and Mexico

  5. Currency Exchange in Canada The currency in Canada is called the Canadian Dollar One Canadian dollar = 90 U.S. cents Canadian currency was formerly the pound, which was used until 1858

  6. What is NAFTA? • The North American Free Trade Agreement, or NAFTA, is a trade agreement signed by Mexico, the U.S. and Canada in 1994 • NAFTA allowed for no trade barriers between the three countries so trade can move freely • The functions of NAFTA are: • Eliminate Tariffs • Remove Quotas • Remove barricades • Establish strict regulations in industries • Improve working conditions

  7. Natural Resources in Canada • Natural resources that drive Canada’s economy include • Minerals • Oil • Lumber • Fish • Coal • Hydroelectricity • Natural Gas

  8. Entrepreneurship • An entrepreneur is someone who has an idea for a good or service and takes risks to produce the good or service • Entrepreneurs know of the risks before the product is produced • Entrepreneurs help the economy to grow based on borrowing funds, use capital and human capital and natural resources • Canada’s entrepreneurship rate is very high, making it one of the top 5 countries for entrepreneurship in the world

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