The evolution of the economy
What was the economy of Canada and the United States in the 19th century?
People worked in the fields, in mines and cutting wood.
What was the economy like before the Industrial Revolution?
They worked in the fields, with manual labor.
What kind of work do people in the service sector do?
They do helpful jobs, such as in hospitals, schools, shops and banks.
How has technology made people's daily lives easier?
Technology has made it easier to communicate, purchase things online, and access information quickly from anywhere.
What is an economic crisis?
It is when a country's economy gets much worse, and people lose jobs, businesses close and everything becomes more expensive.
What important event marked the change of the United States and Canadian economies toward industrialization?
The Industrial Revolution, when they started using machines to make products.
What change did the Industrial Revolution bring?
Machines began to be used in factories.
In which decade did the service industry begin to grow in the US and Canada?
In the 1950s.
How does technology affect jobs in today's economy?
Technology has created new jobs in areas such as computing and communications, but it has also made some factory jobs disappear.
What happens when there is a recession?
The economy is slowing down, there are fewer jobs and people are spending less money because there is no stability.
What were the main manufactured products during the era of industrialization in North America?
Iron, steel, clothing and machines.
What products were manufactured in the factories?
Iron, steel, textiles and machinery.
How did the expansion of the service industry affect the production of products?
Product production decreased.
What does globalization mean for the economies of different countries?
Globalization makes countries more connected, allowing products and services to be exchanged more easily, which changes economies in the world.
How does an economic crisis affect people?
People lose their jobs, have less money to buy things, and often businesses lose money and close.
What impact did the expansion of the services sector have on the economies of Canada and the United States?
More jobs began to appear in hospitals, schools, shops and banks.
How did the Industrial Revolution affect the economy?
The manufacturing industry led the economy until the 1950s.
What major change occurred in the U.S. and Canadian economies during the expansion of the service industry?
The economy moved from making a lot of products to focusing more on offering services to people.
How has technology helped businesses communicate better with other parts of the world?
Technology has made it easier for businesses to talk and work with people in other countries using messaging, video calling, and other online tools.
What happens to prices during a recession?
Prices can go up or down. Sometimes they go up because there are fewer products available, but other times they go down because people can't buy as much.
How did the rapid adoption of new technologies in the late 20th century influence the global economy of North America?
It made it possible for people to work with computers, creating new jobs.
How has work and daily life changed?
The lifestyle changed and people started working in factories, and cities grew.
How did technology help change the economy during the expansion of the service sector?
Technology made it possible to offer more services remotely and facilitated the creation of new jobs.
What problems can arise with the impact of technology and globalization on economies?
Technology and globalization can make some countries or people more advantageous than others, because not everyone has the same access to technology or the benefits of globalization.
What caused the 2007 global economic crisis and how did it affect countries?
It happened because banks lent too much money to people who couldn't pay back. This caused many banks to collapse, and the global economy came to a standstill, affecting countries all over the world.