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Because of many natural resources and a hardworking labor force, the U.S. has the world’s most productive economy. $$$$$$$$$$$$$ $$$$$$$$$$$$$$$ Canada is one of the world’s most economically advanced countries • It is how a society makes, exchanges, and uses goods and services. • Goods- stuff you buy because you need or want • Services- provided by an individual or company • The US and Canada have a “Free Market” economy- people can have their own businesses and property and make decisions about them. • Communist Economy- the government controls and makes decisions for people • Traditional Economy- decisions are based on customs or beliefs of culture 1700’s •Farming was common. People grew food for themselves, or they sold crops like cotton. 1800’s •Americans began working at factories. Manufacturing and producing goods. 1900’s-Today •Service industries are the largest part of the economy. People enjoy using industries that provide services like entertainment and restaurants. • The U.S. is the richest country on earth $$$ This is because of the freedom people have to spend and invest their money. $?HOW DO YOU SPEND YOUR MONEY?$ If you had $100.00, what would you chose to do with the money? Would you spend it? Start a business? Buy something? Make a donation? • Created by Canada and the U.S. • Consists of miles of canals, 15 locks, 3 dams, and many hydroelectric power stations that provide cities with power. • Allows ships from the Atlantic Ocean to reach the Great Lakes ports. • NAFTA- North American Free Trade Agreement • NAFTA is a treaty between Canada, Mexico, and the U.S. that eliminates trade barriers. Without taxes and trade barriers, more people will want to buy products from other countries. • Some Canadians fear that their economy is becoming too dependent on the U.S. • The U.S. trades with Canada more than any other country. • Geography DOES affect the economy! • In the US and Canada, different geographical regions create many different jobs. • There are 5 economic regions in the U.S. The Northeast, the South, the Midwest, the Interior West, and the Pacific. • There are 4 economic regions in Canada. • This is where we live! • Made up of several large URBAN areas • Focus is on business and trade because in many places there is poor soil for farming. • Also, lots of media, communication companies • Biotechnology research- is the study of cells to improve health • Rich soil allows farmers to grow different crops, like corn, wheat, and soybeans. • Mineral resources are found in this region, like iron ore, coal, lead, and zinc. • Used to have many manufacturing factories in the 1800’s, some have now closed down. • This region also has rich soil and is a big area for agriculture or farming. • The South is also a popular place for tourism activities. • The grand scenery and outdoor recreation attract many tourists. • Mining, ranching, and lumbering are other popular activities. • Farming-Fruits and Vegetables are important crops grown in fertile areas of California, Oregon, and Washington. • Coffee grows in the rich volcanic soil of Hawaii. • Fish and timber are important resources in the Pacific region. • Los Angeles is the world center of the movie industry, entertainment. • Although fishing used to be a major industry, overfishing has weakened the job market. • Today many people have jobs in manufacturing, mining, and tourism. • Ontario – Largest Population – Greatest Wealth in Canada – Center for business • Quebec is well known for: – Paper Industry – Hydroelectric Power – Many French-speaking people in Quebec want to secede from Canada, and become their own country. • Farming and ranching- produces large amounts of wheat. • Contains some of the world’s largest reserves of oil and natural gas. • British Columbia province has deep, rich forests, and they are the world’s largest producer of NEWSPRINT- type of paper used to print newspapers. • Canada’s north covers about 1/3 of the country. • This area includes the Yukon Territory, the Northwest Territory, and Nunavut. • Many people who live in this area are INDIGENOUS. • The main resources are minerals like gold and diamonds.