Search for "economy"

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Economics

Economics involves the study of 3 interrelated issues: the allocation of RESOURCES used for the satisfaction of human wants; the INCOME DISTRIBUTION among individuals and groups; and the determination of the level of national output and employment.

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Recession in Canada

A recession is a temporary period of time when the overall economy declines; it is an expected part of the business cycle. This period usually includes declines in industrial and agricultural production, trade, incomes, stock markets, consumer spending, and levels of employment. In purely technical terms, a recession occurs when two or more successive quarters (six months) show a drop in real gross domestic product (GDP), i.e., the measure of total economic output in the economy after accounting for inflation. In this sense, recessions are broad and can be particularly painful and challenging times for a country.

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Urbanization

Urbanization is a complex process in which a country's population centres tend to become larger, more specialized and more interdependent over time.

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Recession of 2008–09 in Canada

The global financial crisis that began in 2007 dragged much of the world economy into recession, and Canada was not spared. Although the effects on Canada were milder than on the United States and in Europe, the Canadian recession of 2008–09 was still severe enough to generate sharp declines in output and employment and to require significant responses by Canadian policy-makers.

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Economic History of Canada

The economic history of what is now Canada begins with the hunting, farming and trading societies of the Indigenous peoples. Following the arrival of Europeans in the 16th century, the economy has undergone a series of seismic shifts, marked by the early Atlantic fishery, the transcontinental fur trade, then rapid urbanization, industrialization and technological change. Although different industries have come and gone, Canada’s reliance on natural resources — from fur to timber to minerals to oil, and on export markets for these commodities, particularly the United States — has underpinned much of the economy through the centuries and does so still in many regions today.

Editorial

The Great Crash of 1929 in Canada

In late October of 1929, terror seized the stock exchanges of North America. Capitalism’s speculative party, with its galloping share prices and its celebrity millionaires, came to an abrupt stop. The Great Crash, it was called, and it was followed by the Great Depression.

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Social History

Social history is a way of looking at how a society organizes itself and how this changes over time. The elements that make up Canada’s social history include climate and geography, as well as the transition to industrialization and urbanization.

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Industry in Canada

Industry, in its broadest sense, includes all economic activity, but for convenience commentators divide it into three sectors: primary, secondary and tertiary.

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Industrialization in Canada

Industrialization is a process of economic and social change. It is one that shifts the centres of economic activity onto the focus of work, wages and incomes. These changes took two forms in Canada, beginning in the 19th century. First, economic and social activities were transformed from agriculture and natural resource extraction to manufacturing and services. Second, economic and social activities shifted from rural cottage industries to urban industrial pursuits. Industrialized production took place under the privately owned factory system, in which a larger proportion of the population expected to be wage earners for all of their working lives. Therefore, industrialization brought major changes, not only in work and the economy, but in the way society was organized and in the relations among different groups in society. Although it has evolved over nearly two centuries, the process of industrialization is considered revolutionary — as the term Industrial Revolution suggests — because it marked the shift from feudalism to capitalism, and from agriculture to manufacturing and services — changes that fundamentally altered human existence.

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Immigration Policy in Canada

Immigration policy is the most explicit part of a government's population policy. In a democratic state such as Canada, immigration (migrants entering Canada) – is the most common form of regulating the population. Since Confederation, immigration policy has been tailored to grow the population, settle the land, and provide labour and financial capital for the economy. Immigration policy also tends to reflect the racial attitudes or national security concerns of the time.

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Natural Resources in Canada

Natural resources are aspects of the natural environment from which goods and services can be obtained and produced. They include air, sunlight, water, land, vegetation, animal life and geological resources. People can also value natural resources for their own sake or for their aesthetic qualities. Humans must manage natural resources to sustain the benefits they offer.

Canada is among the most resource-rich countries in the world. Its large and varied natural resources are essential to its economies and cultures. But there are ongoing debates about how to use, share and manage natural resources.

Click here for definitions of key terms used in this article.

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Klondike Gold Rush

The discovery of gold in the Yukon in 1896 led to a stampede to the Klondike region between 1897 and 1899. This led to the establishment of Dawson City (1896) and subsequently, the Yukon Territory (1898).

timeline event

Growth in Canada’s Clean Energy Sector Outpacing Rest of Economy, Study Finds

A study conducted by Clean Energy Canada, a think tank at Simon Fraser University, found that the clean energy sector represented about 3 per cent of Canada’s GDP in 2017. Between 2010 and 2017, it grew at a rate of around 5 per cent annually, compared to 3.6 per cent growth in the overall economy. The number of jobs in the sector increased by 2.2 per cent per year from 2010 to 2017, compared to 1.4 per cent for total jobs in Canada.

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The Great Depression in Canada

The Great Depression of the early 1930s was a worldwide social and economic shock. Few countries were affected as severely as Canada. Millions of Canadians were left unemployed, hungry and often homeless. The decade became known as the Dirty Thirties due to a crippling drought in the Prairies, as well as Canada’s dependence on raw material and farm exports. Widespread losses of jobs and savings transformed the country. The Depression triggered the birth of social welfare and the rise of populist political movements. It also led the government to take a more activist role in the economy.