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Social Studies 10 > The Economy Of Canada (chapter 8) > Flashcards

The Economy Of Canada (chapter 8) Flashcards

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1
Q

What resources led to colonization?

A

Land, fur, fish, minerals, forests,gold

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2
Q

What is the main industry in the St.Lawrence region and Alantic region?

A

Fishing and manufacturing

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3
Q

5 ways trade with the US has been smooth

A

1) proximity
2) ease of travel
3) same language
4) culture
5) same political system and long term relationships

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4
Q

5 concerns Canada has with American companies coming over

A

1) American companies often sent American managers to run plants
2) spent little money on research and development projects in Canada
3) profits made by the company goes back to the US
4) US company will close branch plant first
5) “brain drain”

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5
Q

What is managed trade?

A
  • a policy to limits a country’s imported resources
  • through taxes, tariffs
  • government has power to say where and when imported items come from and at what time
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6
Q

What is the Free Dispute Panel?

A

A panel which settles disputes over NAFTA

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7
Q

Two major concerns over NAFTA

A
  • energy and water (Canada would share)

- undercut Trudeau’s government

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8
Q

Uncontrollable growth of an urban area

A

Urban sprawl

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9
Q

An economy that relies on the processing and extracting of raw materials

A

Resource-based

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10
Q

An economy that relies on the manufacturing of goods

A

Manufacturing-based

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11
Q

An industry that collects natural resources

A

Primary

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12
Q

A clearly defined segment or area

A

Sector

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13
Q

The growth towards interdependent national economies

A

Globalization

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14
Q

Study of population statistics, trends, averages and so on

A

Demographics

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15
Q

Concerned with services

A

Tertiary

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16
Q

The use or purpose of goods to satisfy wants

A

Consumption

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17
Q

An insufficient amount

A

Scarcity

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18
Q

Supplies or products that can be sold

A

Goods

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19
Q

An intangible thing to satisfy wants ex. Banking etc.

A

Services

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20
Q

The relationship between the amount of a good or service available for sale and its price

A

Supply

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21
Q

The relationship between the amount of a good or service that consumers are willing to buy and its price

A

Demand

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22
Q

The percentage of the available labour force not employed

A

Unemployment rate

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23
Q

Alternating periods of ups and downs in economic activities

A

Business cycle

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24
Q

An area defined by common economic interests

A

Economic region

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25
Q

A factory or office owned by a company based in another country

A

Branch plant

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26
Q

Anything that can be bought and sold

A

Commodity

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27
Q

Limits on the amounts of various products that can be imported into a country

A

Quotas

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28
Q

What was Canada’s original economy like?

A

Primary and resource based (fur trade etc.) with Britian being chief partnership

29
Q

What does Canada typically trade/ export?

A

Export:

  • minerals
  • oil
  • wheat

Import:

  • goods
  • foods
  • technologies
30
Q

Four laws of supply and demand

A

1) if demand goes up and supply remains the same a shortage occurs
2) if the demand goes down and supply remains unchanged a surplus occurs
3) if demand goes unchanged and supply increases a surplus occurs
4) if demand remains unchanged and supply decreases a shortage occurs

31
Q

Examples of Primary, secondary and tertiary activities (and what are they)

A

Primary= collecting resources (mining, forestry etc.)
Secondary=processing natural resources (oil refining, food production)
Tertiary= providing service not good (lawyer, banker

32
Q

3 types of unemployment and examples

A

Cynical unemployment= farmers in winter
Structural unemployment=coal miner
Fractional unemployment= In between jobs

33
Q

What are the economic resource groups?

A

Land resources= all natural resources used to produce goods and services
Human resources= labour provided by people to produce goods and services
Capital resources= money and human made goods used to produce goods and services (transportation)

34
Q

What region is banking a finance the most popular?

A

In the prairie region

35
Q

What did Canada need in the beginning?

A

Capital

36
Q

How did American investment begin to takeover?

A

Equity investment

37
Q

Differences between Trudeau and Mulroney?

A

Trudeau:
-protect Canadian economy
-control growth of foreign investment
-wanted Canada self-sufficient in the energy sector
-taxes put on Canadian products heading to the US
-heavily controlled
Mulroney:
-favoured free markets
-wanted foreign investment
-negotiated the Canada-US Free Trade Agreement

38
Q

What had to be achieved for Canada to develop beyond it’s beginning?

A

Confederation

39
Q

How many Canadians lived in rule places by the end of the 19th century?

A

two out of three but changed in 1996 three out of four lived in urban areas

40
Q

What are seven reasons why people were attracted to newly formed cities?

A

1) employment promise
2) better business prospects
3) rich opportunities
4) entertainment
5) cultural facilities
6) transportation
7) healthcare and education

41
Q

What are negative and positive effects of technological innovation in 1980-1990?

A

Positive: increased automation, increased efficiency and production, multinational, cities thrive, economy expanded
Negative: people out of work- change in desired job, resource-based towns close, education, skills, computer skills

42
Q

What happened to the baby boom generation in the 1990’s?

A

the generation was retired or preparing to retire meaning jobs opened up for the children

43
Q

What shifted by the 1980’s?

A

went from resource-based to manufacturing-based.

44
Q

What happened in the 1980’s and the 1990’s

A

primary industries and manufacturing sectors increased productivity and reduced costs leading the layoff of thousands of worker

45
Q

Why did some companies move to other countries?

A
  • lower labor costs

- weaker labor and environmental regulations

46
Q

What made some companies disappear and merge with other companies?

A

1989 and 1994 free trade agreements bumped out small companies who were unable to compete

47
Q

What caused Canada’s economy to reshape?

A

mergers and drive fro higher corporate profits made people consume at a record pace

48
Q

What were the years 1946-1965 known as?

A

The Baby Boom

49
Q

What occurred after the technological and innovation boom?

A

workers had to be retrained or take lower paying jobs in the tertiary sector and the primary and secondary jobs were declining

50
Q

What is Canada’s well fare and economy based on?

A

the global market

51
Q

What are the words Primary, Secondary, Tertiary and Quaternary under?

A

Economic activities

52
Q

What things create Canada’s main revenue?

A

mining, forestry, fishing and farming

53
Q

What is the GDP?

A

Gross Domestic Product- measures the market value of all goods and services produced in a certain time period (even by a foreign company)

54
Q

What is the GNP?

A

Gross National Product- measures the total market value of all goods and services produced by a certain countries companies (even located in other countries)

55
Q

What is the Manifest Destiny?

A

American mind set that the more land they control the better.

56
Q

By what time had american investment taken over British?

A

1920’s

57
Q

What different things were taken over by US investment?

A

forestry, mining and the energy and manufacturing sector

58
Q

What is the auto pact

A

An agreement with the US relating to freer trade in the auto industry. Americans could sell cars to Canada on a one to one basis saying they have to make a car in Canada for everyone that they sell

59
Q

What two programs were put in place to ensure Canadian programs were being showed?

A

Canadian Radio Broad Casting and the National film board

60
Q

What is theCanadian cOuncil?

A

Formed with a mandate to promote the study and enjoyment of Canadian culture through grants to cultural group

61
Q

What programs did Trudeau develope?

A

Canada development corporation (to promote investment)
Petro-Canada
National Energy Program- make Canada self-sufficient in the energy sector

62
Q

What were the terms of the Canada-US Free Trade Agreement FTA

A

Covered every sector of the two economies
Trade restrictions faded out
Canada’s restrictions on foreign ownership reduced
All restrictions on energy exports and imports removed

63
Q

What goods were targeted by US government?

A 
-sugar
Beer
Magazines
Pork
Raspberries 
Etc.
64
Q

What is NAFTA

A

FTA expanded to include Mexico and reduced terrifies
Auto pact kept
North American content raised from 50 to 62.5 percent
Tariffs on all food removed
Share energy and water resources with the US

65
Q

What direction was trading pulled after NAFTA in Canada?

A

From east west in Canada to north south

66
Q

Why wasn’t a trading bloc established?

A

Did not adapt a common trade policy

Did not set up common trade barriers against non member nations

67
Q

Why wasn’t free trade established?

A

Still had quotas and tariffs on some products and did not establish a common Union

68
Q

What were some peoples concerns over NAFTA

A

Canadian interests would suffer
Sharing energy and water with the US
Nervous about becoming a continental trade system
State of human rights in Mexico etc.

Social Studies 10 (7 decks)

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