Presentation on theme: "UNIT 3 ECONOMIC ISSUES IN CANADIAN GEOGRAPHY 5.1 – 1 ECONOMICS."— Presentation transcript:
UNIT 3 ECONOMIC ISSUES IN CANADIAN GEOGRAPHY 5.1 – 1 ECONOMICS
Economics – the study of how we use our limited resources to meet our relatively unlimited needs and wants. Natural resources – anything found in nature that can be used by people. What are some examples of natural resources? What can they be used for?
As we get and use resources we contribute to industry and the economy. Industry – the particular types of labour that are done in exchange for pay. Economy – a system in which a country produces and distributes goods and services to create wealth.
Which industries are shown below?
There are 4 different types of industry. A. Primary industry – economic activity that extracts or harvests natural resources from the environment. Example: fishing / farming / forestry / mining
B. Secondary activities – economic activity that uses unprocessed raw material to manufacture consumer products. Example: paper mill / soft drink plant / fish plant / nickel smelter
C. Tertiary activities - involves providing services to people. Example: grocery store / hospital / trucking company / dry-cleaners
D. Quaternary activities – economic activity that involves the provision of services related to the creation of knowledge, ideas, research and development and technology. Example: computer technology design / research company
Needs – things you have to have in order to survive. Wants – things you would like to have.
SUPPLY, DEMAND, AND PRICE Supply – how much of a good or service is offered for sale. Demand – how much of a good or service is wanted for sale. As price increases – demand decreases & supply increases. As price decreases - demand increases & supply decreases.
PRODUCTEVENT 1. wheatA drought destroys much of the crop. 2. cigarsA study says smoking cigars results in lots of wrinkles. 3. yo-yo’sA rock star says he loves playing with a yo-yo. 4. gasolineSmall cars start out-selling large cars. 5. applesA new pesticide kills caterpillars that eat apples. 6. Canadian carsCanada places a tax on Japanese cars coming into Canada. 7. hospital bedsScientists discover a cure for cancer. 8. cementA huge earthquake hits Toronto. 9. video rentalsThe price to see a movie in a theatre increases. 10.butterA disease kills a lot of dairy cows. 11.Burger King whoppersMcDonalds increases the price of Big Macs. 12.hot dog bunsThe price of flour is lowered. 13.taxi serviceThe local bus service goes out of business. 14.candlesA big winter storm is forecast. 15.gasolineTwo large supertankers collide and sink.
Trade helps Canada get things that we cannot provide ourselves. Importing – when goods and services are brought into a country. What kind of things are exported into Canada?
What countries do we import from?
Economic diversification – having different types of economic activities in an area.
IndustryNumberPer-Cent Agriculture1, Fishing8, Logging2, Mining2, Petroleum Fish Products9, Pulp and Paper2, Other Manufacturing9, Construction17, Transportation9, Communications4, Wholesale Trade8, Retail Trade31, Finance and Insurance4, Business Services7, Government Services21, Educational Services20, Health and Social Services26, Accommodation Services3, Food and Beverage Services10, Personal and Household Services6, Total Labour Force246, Labour Force 15 Years and Over by Selected Industry Divisions and Major Groups, NL and Labrador.
Why is economic diversification important? 1.People can find work in different economic areas. 2.Economy is not dependent on one industry. 3.If demand for one industry declines the economy will not be devastated. 4.More money and jobs are produced by having secondary and tertiary industries.