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• Sectors of the economy


  • Primary
  • Secondary
  • Tertiary
  • Quaternary
  • Quinary
• Primary sector


  Includes the extraction of natural resources, for example: mining, forestry, oil and gas, fishing, and agriculture. Only 4% of the workforce in Canada is in this industry.
• Developed countries usually have more workforce in the primary sector, while developing countries have fewer people in this sector. Canada is an exception here.
• Diversifying economy


  Extremely important because the economy can crash when something goes down. Example: Detroit was hit hard by the downfall of auto.
• Secondary sector


  Processing raw materials into industrial products that can be used to make finished goods.
• China is currently in the process of moving away from a developing country to a developed country and is trying to get rid of its factories and is instead helping Africa to make the goods for them.
• Tertiary sector


  Provided distribution of final products to the market (NOT MAKING GOODS). 65% of the Canadian workforce is in this industry, which is an indication of a developed country.
• Tertiary sector examples


  • Can be College Trained University or Low Skill jobs. Canada - Major in Tourism provided a lot of Tertiary Jobs.
• Quaternary sector


  Provides services in data and knowledge also known as "high tech" or "intellectual activities sector". 10% of Canada works in this Highly Trained.
• Quinary sector


  Job that involves the highest level of decision making i.e. high-level CEO, Government administrator, university president.
• 2 major categories of jobs


  • Basic (industries that sell their products outside the community, bringing "new" money into the economy)
  • Non-Basic (industries that sell their products inside the community, not bringing "new" money into the community)
• Factors that affect where an industry is placed


  • Location of Customers
  • Proximity of Raw Materials
  • Availability of Fresh Water and/or Power
  • Labour Supply
  • Transportation
  • Political Factors
  • Circumstance
• Location of Customers


  A crucial factor influencing the choice of where an industry is based. This factor considers the proximity of customers to the industry's location, affecting transportation costs, delivery times, and customer service.
• Proximity of Raw Materials


  A critical factor influencing the location of an industry. This factor considers the availability and proximity of essential raw materials required for the manufacturing process.
• Availability of Fresh Water and/or Power


  A critical factor influencing the location of an industry. This factor considers the need for abundant fresh water supply for production processes or the availability of reliable power sources to support manufacturing operations.
• Labour Supply


  Plays a crucial role in determining the location of a factory. Companies consider the availability and cost of labor when deciding where to place a factory.
• Transportation


  Plays a significant role in determining the location of a factory. The cost and availability of transportation can greatly affect the production cost and market accessibility of a factory.
• Political Factors


  Can also play a significant role in determining the location of a factory. Political stability, government policies, and regulations can greatly affect the business environment and investment climate of a location.
• Circumstance


  The current situation, such as government policies, economic conditions, and global events, can significantly affect the placement of a factory.
• Gross domestic product (GDP)


  GDP is important because it gives information about the size of the economy and how an economy is performing. The growth rate of real GDP is often used as an indicator of the general health of the economy.
• Literacy Rates


  The educational dimension is measured with two indicators: mean years of schooling of adults aged 25+ (MYS), which reflects the current situation with regard to education in a society, and expected years of schooling (EYS), which indicates the future level of education of the population.
• Life Expectancy


  Economic development: Longer life expectancy can be linked to economic prosperity, as it indicates a productive and healthy workforce, lower healthcare costs, and increased human capital, all of which are essential for sustainable development. Quality of life: Life expectancy reflects the overall quality of life in a society, including factors such as safety, social services, environmental conditions, and overall well-being, which are important components of development assessment.
• Walerstien's World Systems Theory


  Core countries (the United States, Canada, Japan, and Australia) are the ones exploiting semi-peripheral and peripheral countries. They have strong working classes, have high HDI, highly urbanized. Semi-Peripheral countries (India and China) are currently developing, industrializing, rural to urban growth, increasing HDI, Secondary/Tertiary jobs are dominant. Peripheral countries (All of Africa except South Africa, Russia) have a Primary sector economy (exporting oil and other raw materials), largely rural population, export raw materials, exploited by the core, high social inequality (favor towards men). Goods and resources flow between core and peripheral countries. Peripheral countries are paying high prices, slowing down development. Peripheral countries depended on the core to buy goods from them.
• Commodity Theory


  When a country exports 60% of its commodities, which its economy highly depends on. This makes the country vulnerable to price fluctuations, political conflicts, and natural disasters. These countries are usually peripheral and semi-peripheral countries.
• Rostow's Stages of Economic Growth


  A model that countries always move forward and can develop on their own. Doesn't take into account unique histories, different economies, commodity dependencies, diverse cultures and religions, and geographic location. This can happen through 5 stages (going from a country that doesn't have modern technology and doesn't have a change in its GDP over time to becoming a country with dominated tertiary, quinary, and quaternary jobs).
• Countries involved in trade agreements


  • CUSMA (Canada, United States, Mexico)
  • CPTPP (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam)
  • CETA (Canada, European Union member states)
• November 30, 2018, came into effect on July 1, 2020


  CUSMA signed
• March 8, 2018


  CPTPP signed
• October 30, 2016


  CETA signed
• CUSMA replaced the earlier trade agreement known as the North American Free Trade Agreement (NAFTA)
• CPTPP is an updated version of the Trans-Pacific Partnership (TPP) after the United States withdrew from the negotiations
• CETA is a new trade agreement between Canada and the European Union
• Benefits of CUSMA, according to the Government of Canada


  • Strengthened economic ties
  • Modernized trade rules
  • Enhanced market access
• Benefits of CPTPP, according to the Government of Canada


  • Increased market access
  • Reduced tariffs
  • Enhanced trade rules
• Benefits of CETA, according to the Government of Canada


  • Increased market access
  • Tariff reductions
  • Improved trade rules
• Pros and Cons of trade agreements


  • Not always Fair due to Tariffs and protectionism
  • Offers jobs to the Country which is exporting
  • Removes secondary jobs from the country importing as a price for the cheaper products
  • Extensive trade can put the countries economy at risk if there were to be war/natural disaster
• Comparative Advantage


  Focuses on the amount of resources lost if you were to choose to produce something else. If you can produce more of the other resources that were lost in the same amount of time, then that is the resource you should be producing.
• Specialization


  Some countries have more resources and the working field to produce more of something in the same amount of time as you would produce something else.
• Opportunity Cost


  The cost of an alternative that must be forgone in order to pursue a certain action or choice.
• Canada's top exports


  • Crude Petroleum
  • Cars
  • Petroleum Gas
  • Refined Petroleum
  • Gold