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

The Economy Of Canada (chapter 8) Flashcards

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
A factory or office owned by a company based in another country
Branch plant
26
Anything that can be bought and sold
Commodity
27
Limits on the amounts of various products that can be imported into a country
Quotas
28
What was Canada's original economy like?
Primary and resource based (fur trade etc.) with Britian being chief partnership
29
What does Canada typically trade/ export?
Export: - minerals - oil - wheat Import: - goods - foods - technologies
30
Four laws of supply and demand
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
Examples of Primary, secondary and tertiary activities (and what are they)
Primary= collecting resources (mining, forestry etc.) Secondary=processing natural resources (oil refining, food production) Tertiary= providing service not good (lawyer, banker
32
3 types of unemployment and examples
Cynical unemployment= farmers in winter Structural unemployment=coal miner Fractional unemployment= In between jobs
33
What are the economic resource groups?
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
What region is banking a finance the most popular?
In the prairie region
35
What did Canada need in the beginning?
Capital
36
How did American investment begin to takeover?
Equity investment
37
Differences between Trudeau and Mulroney?
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
What had to be achieved for Canada to develop beyond it's beginning?
Confederation
39
How many Canadians lived in rule places by the end of the 19th century?
two out of three but changed in 1996 three out of four lived in urban areas
40
What are seven reasons why people were attracted to newly formed cities?
1) employment promise 2) better business prospects 3) rich opportunities 4) entertainment 5) cultural facilities 6) transportation 7) healthcare and education
41
What are negative and positive effects of technological innovation in 1980-1990?
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
What happened to the baby boom generation in the 1990's?
the generation was retired or preparing to retire meaning jobs opened up for the children
43
What shifted by the 1980's?
went from resource-based to manufacturing-based.
44
What happened in the 1980's and the 1990's
primary industries and manufacturing sectors increased productivity and reduced costs leading the layoff of thousands of worker
45
Why did some companies move to other countries?
- lower labor costs | - weaker labor and environmental regulations
46
What made some companies disappear and merge with other companies?
1989 and 1994 free trade agreements bumped out small companies who were unable to compete
47
What caused Canada's economy to reshape?
mergers and drive fro higher corporate profits made people consume at a record pace
48
What were the years 1946-1965 known as?
The Baby Boom
49
What occurred after the technological and innovation boom?
workers had to be retrained or take lower paying jobs in the tertiary sector and the primary and secondary jobs were declining
50
What is Canada's well fare and economy based on?
the global market
51
What are the words Primary, Secondary, Tertiary and Quaternary under?
Economic activities
52
What things create Canada's main revenue?
mining, forestry, fishing and farming
53
What is the GDP?
Gross Domestic Product- measures the market value of all goods and services produced in a certain time period (even by a foreign company)
54
What is the GNP?
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
What is the Manifest Destiny?
American mind set that the more land they control the better.
56
By what time had american investment taken over British?
1920's
57
What different things were taken over by US investment?
forestry, mining and the energy and manufacturing sector
58
What is the auto pact
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
What two programs were put in place to ensure Canadian programs were being showed?
Canadian Radio Broad Casting and the National film board
60
What is theCanadian cOuncil?
Formed with a mandate to promote the study and enjoyment of Canadian culture through grants to cultural group
61
What programs did Trudeau develope?
Canada development corporation (to promote investment) Petro-Canada National Energy Program- make Canada self-sufficient in the energy sector
62
What were the terms of the Canada-US Free Trade Agreement FTA
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
What goods were targeted by US government?
``` -sugar Beer Magazines Pork Raspberries Etc. ```
64
What is NAFTA
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
What direction was trading pulled after NAFTA in Canada?
From east west in Canada to north south
66
Why wasn't a trading bloc established?
Did not adapt a common trade policy | Did not set up common trade barriers against non member nations
67
Why wasn't free trade established?
Still had quotas and tariffs on some products and did not establish a common Union
68
What were some peoples concerns over NAFTA
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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