Economic Activities for U.S. & Canada World Geography Mr. Paul Farmer.
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Transcript of Economic Activities for U.S. & Canada World Geography Mr. Paul Farmer.
Economic Activities for U.S. & CanadaWorld GeographyMr. Paul Farmer
Economic Systems
•Free-market economy▫Freedom to own, operate, & profit from
own businesses. ▫Laws protect private property rights,
employment opportunities, & health/safety of workers.
▫Canada: govt. owns & administers many services such as broadcasting & healthcare.
▫U.S.: more private and non-govt. corporations
Agriculture
•Subsistence vs. Commercial▫Most of the world has subsistence farming
within their countries.▫In the U.S. & Canada it is largely commercial.▫Large corps. Make up 5% of farm ownership.▫Most farms are still family owned & operated.▫U.S. devote 1 bil acres of land to agriculture,
Canada devotes 167 mil acres.▫Only 2% of Americans & 4%of Canadians
work in agriculture. U.S. & Canada are the world’s leading
producers for beef, dairy, corn, wheat, & grains.
Industry• Cottage vs. Commercial• Cottage Industries are businesses that employ
workers in their homes.▫For example: traditional crafts, shoe making,
jewelry, woodcarvings, weaving textiles, pottery.• Commercial Industry is organized as a business.
▫Manufacturing Makes up 20% of the regions economy & workforce. Manufacturing of auto, aerospace, aircraft. Food-processing
▫Service Makes up 75% of the regions workers. Service jobs include government, education, health
care, tourism, entertainment, banking, real estate, etc.
Trade• NAFTA
▫ Promotes free trade within North America, Canada, U.S., & Mexico
• Globalization▫ Increasing economic interdependence throughout the
globe.▫ Backbone is trade.
• Outsourcing is turning over of production to a 3rd party.▫ Example: Many large companies now outsource jobs
such as call center services, e-mail services, & payroll.
▫ Example: China is a major recipient of industrial work. India ranks 2nd.
▫ When outsourced work is located outside of a country it is often called offshore.