Resources And Industries Flashcards
Current sectors of the Canadian economy
Finance,food, education, medical, energy, agriculture
What is a basic industry
Basic industries are critical to the health of an area is economy and they generate revenue from outside of the local area this includes things like auto industry and mining.
What is a non-basic industry
A non basic industry is an industry that sells their products primarily to consumers in the community
Goods producing sectors
The service industry in Canada is 70% of the con me pour out every five Canadians are employed by the service sector manufacturing represents 30% of our economy
Define quaternary industry
Canary industry is the knowledge economy it is the information and intelligence economic sector. It includes industries related to the processing of ideas rather than products. And example is for computer programming
Balance of trade
The difference in value between the countries imports and exports
trade surplus
A paragraph the amount by which the value of the countries exports exceeds the cost of its imports
Trade deficit
The amount by which a cost of a country’s imports exceeds the value of its exports.
Importance of exports to Canada
Exports are important because for the economy they’re worth almost 1/3 of our GDP and they employ almost 3 million people
Canada’s does trade partners
The US, China, United Kingdom, Japan, Mexico. We are very dependent on the US because 75% of our trade is with them so it is important to diversify you shouldn’t be so dependent on one countries for so much of our trade
Define trade tariffs
A trade tariff is a tax or duty to be paid on a particular class of imports or exports
Define subsidy
Subsidy: so a subsidy is kind of the reverse of a tariff where a government gives money or another advantage may be a tax break to have company or to a sector to make it to good’s cheaper or to encourage an industry or to create employment the effect of the subsidies to make goods and services cheaper
Evaluate free trade
Free trade lowers prices boost the economy for both countries and increases the employment rate. Free trade also offers technology transferring. Some bad things about free trade or that it increases the job outsourcing
protectionism
Protectionism was when they put out taxes and tariffs on imports to make it more difficult for people to import things into their country
Sustained yield management
Duction of a biological resources such as timber or fish under management procedures which ensure replacement of the part harvested by regrowth or reproduction before another harvest occurs.
