Economic Systems
Canada's economy is considered mixed. Why?
Canada's markets are subject to government regulations (laws or rules)
This trade barrier "limits" foreign trade
What is a quota?
The former name of USMCA
What is NAFTA?
The training, education and skills of the workforce
What is human capital?
What does GDP stand for?
Gross Domestic Product
When you do what your ancestors did for a living
What is a traditional economy?
This trade barrier stops all trade with another country
What is an embargo?
The three countries that agreed to USMCA
What is the United States, Mexico, and Canada?
Tools and machinery used for business
What is capital goods?
When a country focuses on production for more efficiency
What is specialization?
Cuba had this type of economy when Fidel Castro was in power
What is a command economy?
This trade barrier charges a tax on imports
What is a tariff?
The year that NAFTA started
What is 1994?
The Canadian Shield has a lot of this factor of economic growth
What are natural resources?
Different countries having different currencies calls for...
What is currency exchange?
All countries have this type of economy
What is a mixed economy?
This country suffered economically from an embargo with the United States after the Cuban Missile Crisis
What is Cuba?
NAFTA originally stood for
A person who starts their own company and takes the risks
What is an entrepreneur?
Area of Canada rich in natural resources (minerals)
What is the Canadian Shield?
A line that shows a country's position between pure command and pure market economies
What is the economic continuum?
Give an example of a physical trade barrier
Mountains, deserts, canyons, large bodies of water
What has happened in 2025 that threatens USMCA?
The president has put tariffs in place
If a country's literacy rate is high, what else should be high?
What is standard of living?
This province of Canada would hurt the nation's economy if it gets independence
What is Quebec?