Canada is the second largest country in the world with a surface area of over 3. The oil and gas industry is a large part of the Canadian economy, and it has suffered immensely since the price of oil fell in late Canada currently has the third largest oil patch in the world, most of it in oil sands and crude. Oil is found throughout Canada, with the largest onshore reserves how people in canada make money in the western provinces of British Columbia, Alberta and Saskatchewan, as well as in the northern territories. There is also oil offshore near the provinces of Newfoundland and Nova Scotia. Alberta is an oil province. This 30 percent figure is alarming to some, and, as can be expected, a fall in the price of oil can lead to a budgetary crisis. In addition to oil production, the western provinces are also home to oil-related industries. From exploration to petrochemical to plastics, Canada earns a lot of money from oil. The two largest cities in Alberta —Edmonton and Calgary—are home to hundreds of oil headquarters and laboratories. In the north, cities have been built for the sole purpose of supporting the oil and gas industry.
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The economy of Canada is a highly developed market economy. As with other developed nations, the country’s economy is dominated by the service industry which employs about three quarters of Canadians. It is also the fourth largest exporter of natural gas. Canada is considered an » energy superpower » due to its abundant natural resources and a small population of 37 million inhabitants relative to its land area. According to the Corruption Perceptions Index , Canada is one of the least corrupt countries in the world, [29] and is one of the world’s top ten trading nations , with a highly globalized economy. Canada is unusual among developed countries in the importance of the primary sector , with the logging and oil industries being two of Canada’s most important. Canada also has a sizable manufacturing sector, based in Central Canada , with the automobile industry and aircraft industry being especially important. With the world’s longest coastline , Canada has the 8th largest commercial fishing and seafood industry in the world. With the exception of a few island nations in the Caribbean , Canada is the only major Parliamentary system in the Western Hemisphere.
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As a result, Canada has developed its own social and political institutions, distinct from most other countries in the world. The Canadian economic system generally combines elements of private enterprise and public enterprise. Many aspects of public enterprise, most notably the development of an extensive social welfare system to redress social and economic inequities, were adopted after the end of World War II in Canada has a private to public Crown property ratio of and one of the highest levels of economic freedom in the world. Today Canada closely resembles the U.
Canada’s Modern Economy and Industries
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Though obviously not everyone in Canada is equally well-off, most Canadians nevertheless hold reasonably well-paying jobs and access to ample creature comforts that citizens in many other countries can only dream of. An assembly line at a Chrysler automobile assembly plant in Windsor, Ontario Canada was basically founded as a money-making scheme. As they moved west from the St. In the decades following World War IIthe Canadian economy shifted dramatically once again as industrial profits were invested into higher wages and taxes, and social services. Northern Alberta contains enormous reserves of bitumena type of crude oil mixed with soil that can be used to make petroleum.
Economic History of Canada
Since the s, Canada’s «oil sands» industry has grown to employ tends of thousands of Canadians, yet the industry is becoming increasingly controversial as concerns grow over the degree the harvest and use of oil affects climate change. The question of whether to build new oil pipelines to further expand the Canadian oil industry is one of Canada’s most controversial economic debates. The service sector of the Canadian economy is extremely vast and diverse, and basically entails any sort of mostly non-physical work that deals with helping people, rather than making or growing things. Most Canadians who live in large cities like Toronto, Vancouver, or Montreal work in the service sector. Within the service sector, the largest sub-sector is the tradeswhich are highly specialized, skill-based professions like electrician, carpenter, or computer repairman.
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