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What is standard of living?
A percentage that shows you how easily people in an are able to get their basic needs.
What is a literacy rate?
The percentage of an area's population that can effectively read and write.
What would investing in human capital look like?
Putting more money towards education or skills training.
Why does Canada have such a strong economy?
Lots of Natural Resources
Good labor force
High GDP
Global Trading
Highest paid Canadian actor?
Ryan Gosling
What is GDP/ Gross Domestic Product?
It is the monetary value of all goods and services produced by a country in one year.
What is Canada's Literacy Rate?
99 percent
What would investing in capital goods look like?
Putting more money towards buying useful machinery and tools for manufacturing.
How is Canada's high literacy rate connected to the high standard of living?
The higher a literacy rate the more opportunities those people will have. With more job opportunities people can higher paying jobs which allows them easier access to the things they need. This increases the standard of living.
Highest paid Canadian musical artist?
Celine Dion
What is GDP per Capita?
GDP per capita is the monetary value of all goods and services produced in one year by an individual person.
What is an economic continuum?
A tool used to measure the amount of freedoms in different countries economies.
Why are entrepreneurs important to the economy?
What is the name of the trade agreement the United States, Mexico, and Canada have?
USMCA: The United States, Mexico, and Canada agreement.
What is Canada's number 1 export?
Crude Oil
What is arable land?
Land that is farmable
Why is it so easy to start a business in Canada?
Canada has a market economy meaning it makes it very easy for private citizens to start a business.
How would investing in capital goods effect GDP and why?
If you invest in capital goods you're buying better tools and machinery for manufacturing. This then allows you to manufacture goods and services quicker and more effectively which then increases GDP.
If Canada has a GDP per Capita of 49,000, and Mexico had a GDP per Capita of 9,000, what can you infer about both countries standards of living?
Canada has a higher standard of living due to the higher GDP per Capita
What is Canada's number 1 import?
Cars
What are the four factors of production?
Capital goods
Entrepreneurship
Natural Resources
Human Capital
What are the 3 basic economic questions?
What to produce?
How to produce?
For Whom to produce?
How would investing in human capital effect a countries GDP and WHY?
Investing in human capital would cause an increase in GDP. This is because investing in human capital creates more skilled workers which then allows them to manufacture better goods and services. This then allows the goods and services to have a higher price which then increases the GDP.
Why are the United States and Canada so closely linked in trade?
Due to their geographic locations as well as trade agreements and benefits the countries have with one another.
Two most spoken languages in Canada.
French and English