Canadian Economy - What You Need To Know
Canada has a very diverse economy, which is a mix between manufacturing, raw materials extraction and service sector. The raw material mining industry, which includes extraction of gold, silver, uranium, oil, natural gas, diamonds, trees to name a few is especially important for Canada. In this regard Canada is not your typical developed country, as it still heavily relies on its raw material extraction industry, compared to other developed nations already overweight in the service industry. In contrast to most wealthy nations, Canada is an overall producer of world energy as it exports more oil and natural gas than it consumes. The wealth of relatively cheap energy produced from oil, natural gas, hydroelectric sources and nuclear power has helped the Canadian manufacturing industries tremendously.
Even with only two percent of the Canadian workforce in agriculture, Canada remains a leading world exporter of many agricultural products. The most important Canadian agricultural exports are grain and wheat, however Ontario and BC produce excellent wines, fruits and vegetables. Canada previously was an important exporter of fish, but overexploitation of various fisheries in the provinces bordering the Atlantic Ocean, along with overfishing, caused a collapse of the fishing industry in Canada. As a result, the countries on the Scandinavian Coast further monopolized the international fish market.
For many years now, Canada has seen a steady decline in manufacturing jobs, and now only about 25% of the Canadian workforce is employed in manufacturing. Many United States car companies outsource the manufacturing to Canada because of its lower wage requirements for workers; additionally, the state-funded health care system minimizes the cost of hiring employees. Many Canadian companies have been doing outsourcing themselves to a cheaper destinations, following the example of their American counterparts. This of course has posed significant problems to Canadian provinces like Ontario, relying heavily on manufacturing.
The most extensive segment of the Canadian service sector , which includes banking/financial services, retail, real estate to name a few, has be the most important economical driver for the country. The Canadian service sector has been the major Canadian employer for many years now, a process characterizing developed countries a round the world. Over 70% of the Canadian labour force was employed in the service industry, and 69% of the Canadian GDP was produced by this sector, as of 2006.
Canada is one of the world leaders in production and export of natural resources and energy, and yet it has a very diverse and stable economy. Though Canada was not affected as much as many other countries by the world economic crisis, its national unemployment rate peaked at approximately 8.8 percent in 2009, with regional rates as high as 15.6 percent in Newfoundland because of the collapse of the fishing industry. The Canadian economy looks strong again and shows signs of growth, due to its unique position of world-class resource exporter.
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Frequently Asked Questions...
2 History Questions. Will you help me?
1. Following the Battle of Tippecanoe:
a. many in the West and South became eager for a war with Britain.
b. the US Army marched north and took part of Canada.
c. President Madison decided to find some way to avoid war.
d. some northern states threatened to leave the union unless war was declared.
2. The impact of the Veto of Calhoun's Bonus Bill was:
a. not controversial at the time.
b. that the economy of the South would continue to be based more on slave supported agriculture.
c. the North would not have money to continue to make improvements in transportation.
Answer:
1=a not sure what 2 is
