Economic Concepts and Trade in Canada

These flashcards cover key vocabulary and concepts related to economics and environmental issues in Canada, as presented in the lecture notes.

Literacy Rate

The percentage of people who can read and write in a given population.

Standard of Living

The level of wealth, comfort, and access to goods and services that individuals or groups enjoy.

Human Capital

The knowledge, skills, and experience possessed by an individual or population, contributing to economic productivity.

Gross Domestic Product (GDP)

The total value of goods produced and services provided in a country during one year.

GDP per capita

GDP divided by the population, indicating the average economic output per person.

Capital Goods

Physical assets that a company uses in the production process to manufacture products and services.

Natural Resources

Materials or substances occurring in nature which can be exploited for economic gain.

Specialization

The process in which individuals or groups focus on a limited scope of production to gain greater efficiency.

Trade

The action of buying and selling goods and services between countries.

Trade Barriers

Government policies or regulations that restrict international trade.

Tariffs

Taxes imposed on imported goods and services.

Quotas

Limits on the amount of a specific product that can be imported or exported during a given timeframe.

Embargoes

Official bans on trade or other commercial activity with a particular country.

Currency Exchange

The process of converting one currency into another for trade purposes.

North American Free Trade Agreement (NAFTA)

An agreement between Canada, Mexico, and the United States to eliminate trade barriers.

Economic System

The means by which countries and governments distribute resources and trade goods and services.

Command Economy

An economic system where the government makes all economic decisions.

Market Economy

An economic system in which decisions and pricing are guided by the interactions of citizens and businesses.

Mixed Economy

An economic system that incorporates elements of both capitalism and socialism.

Parliamentary Democracy

A democratic system where the government is elected by a parliament.

Quebec's Independence Movement

A political movement advocating for Quebec to become an independent nation from Canada.

Acid Rain

Precipitation that contains high levels of sulfuric or nitric acids, harmful to the environment.