Chapter 8 Flashcards
What is urbanization
Is the movement from a rural economy to an urban community decrease in farming
What is a resource based economy
An economy that relies on the processing of raw materials
What is a manufacturing based economy
An economy that relies on manufacturing of goods
What is globalization
A trend towards national economies
it allows access to more products at a cheaper price but Canadian companies cannot compete
What is marketing
The promoting of goods/ services
What is the law of demand
When price goes up , demand decreases and when prices goes down , demand increases
What is the law of supply
When prices are high , production increases and when prices are low then production decreases
What are the 3 categories resources are divided into
Land resources, human resources and capital resources
What are land resources
Natural resources such as land, air , water and minerals
What are human resources
Labor provided by people to produce goods/ services such as workers and educators
What are capital resources
Money and human made goods such as transportation, infrastructure and technology
What are the three economic sectors
Primary
Secondary
Tertiary
What things need to be studied to identify the current economy’s position
Unemployment rates
Consumer price indexes
Productivity measurements
How many economic regions does Canada have and what are they
They are 5 regions
Atlantic region(FISHING & AGRICULTURE)
Great lakes region (LUMBER & INDUSTRY)
Shield region (FORESTRY & MINING)
North Region (MINING)
Prairie Region (FORESTRY & INDUSTRY)
What is an economic region
An area with common economic activities
