why are both countries “rich”?. what did europe take to the “new world”? what did...
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U.S. & CANADA ECONOMY
Why are both countries “rich”?
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Columbian Exchange
What did Europe take to the “New World”?
What did explorers take back to Europe? Goods Ideas Helped Europe’s
economy
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British Colonialism
Send raw goods to England
Primary Economy
P
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Triangular Trade
Plantations Tobacco Cotton Sugar
Slaves from Africa
Cultural Diffusion Music, language, &
religion
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Free Enterprise Economy
(Free Market, Capitalism)Consumer demand determines what is produced
People own most everything and are able to buy and sell with very little government intervention.
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What is Standard of Living?
Lifestyle a country has.
The things you own.
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Standard of Living
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Standard of Living
Personal income (GDP per capita)
Communication technology
Life expectancy Levels of Economic
Activity (how natural resources are used)
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GDP per capita– average income per person
$49,800 dollars per person
$41,500 dollars per personYou might also see this called GNI: Gross National Income
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GDP of United States and Canada
$14,620,000,000,000 trillion – Number 1!
$1,564,000,000,000 trillion - Number 9!
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Levels of Economic Activity
U.S. & Canada are rich in natural resources
How do both countries use those resources?
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Levels of Economic Activity Commercial v. Subsistence Agriculture
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Levels of Economic Activity
COMMERCIAL INDUSTRY COTTAGE INDUSTRY
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Levels of Economic Activity
Post Industrial Economy
Most of our jobs are in services or information
Over 70%
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U.S. = World’s Largest Economy
Natural resources
Stable Political system encourages business
Invest in infrastructure
Educated workers = innovation
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Stable Governments
Stable governments = responsible development
Invest back into economy Education Infrastructure
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Infrastructure
Infrastructure works together to support a strong economy
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Education (another form of people power)
Education is the key to raising a country’s standard of living
Education = innovation = stronger economy
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Human Capital
Educated workers are a BIG part of economic success
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U.S. Pull Factors
Jobs Education Freedom
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NAFTANorth American Free Trade Agreement
Trade agreement between Mexico, USA, and Canada that allows for cooperation on trade and economic issues
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NAFTANorth American Free Trade Agreement
Free trade agreements eliminate tariffs (taxes) on goods
Under NAFTA there are none of these between Canada,
Mexico, & US
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NAFTA: Trade without Taxes
WINNERS LOSERS
Large corporations have benefited
Small Mexican farmers have been hurt. Can’t make a living, so they immigrate
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Globalization
Integration of national economies into the international economy through trade, migration, and the spread of technology.
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Globalization = Economic InterdependenceCan be good or bad…
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Free Trade Agreements
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NAFTAGet out a separate sheet of paper.Draw this on your card:
PROS (+) CONS (-)
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NAFTA
Quick Write: What does NAFTA stand for? What does NAFTA do? Is NAFTA good or bad for North America? Use at least 2 items you recorded from the video to
support your answer.
Directions: Answer in one paragraph of at least 5 complete sentences. Use your geography vocabulary
(look on word wall if you need help)
• As you watch the two videos, list pros (positives) and cons (negatives) of NAFTA.• Be prepared to write a paragraph based on what you have recorded in your T-chart.
(+) ( - )