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Unit 6.2 Canada
| Question | Answer |
|---|---|
| democratic | a government where political authority rests with a nation's citizens |
| prime minister | title often given to the head of government in a parliamentary democracy |
| parliamentary democracy | citizens elect legislature. These legislators are then vested with the authority to elect the prime minister. This head of government is selected from among the members of the nation's leading political party. Ex: Canada, U.K., & Germany |
| Voting Age in Canada | 18 years old |
| Head of Government | Prime Minister Mark Carney |
| Head of State | British Monarchy - King Charles III |
| Governor- General | Represents the British Monarch in Canada, chosen based on the recommendation of the Canadian prime minister. Currently Mary Simon |
| market (or capitalist) economy | an economic model which the laws of supply and demand (not government oversight) determine what is produced/consumed and at what cost |
| Canada's Economic Continuum Score | 75 - mostly market-leaning |
| Canada's Specialization | oil extraction and refining; motor vehicle industry, particularly automobile and automotive parts manufacturing |
| Canada's Currency | Canadian Dollar $1 US Dollar = 1.38 Canadian Dollars |
| subsistence | producing only what is necessary for personal use/survival |
| traditional economy | an economic model governed by custom, habit, and history |
| economic continuum | a 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100) |
| mixed economy | term used to describe the market/command blending of all modern world economies |
| domestic | term which refers to the products of services originating in one's own country; it is the antonym of foreign |
| Canada's GDP | $2.2 trillion |
| Canada's GDP per capita | $56,700 |
| Canada's Literacy Rate | 99% |
| GDP per capita | the average annual income of a nation's citizens; Latin for "by each head" |
| gross domestic product (GDP) | the estimated total value of all the final goods and services produced in a nation in a year's time. |
| subsidization | money granted by the government to assist a business or industry in lowering the cost of its product/service |
| specialization | focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively |
| embargo | a trade barrier which blocks all trade with another nation |
| quota | a trade barrier which places a limit on imported goods |
| tariff | a trade barrier which places a tax on imported goods |
| trade barrier | any activity which slows or outright blocks the free exchange of goods and services between nations |
| currency | a nation's money |
| currency exchange | converting one nation's money into an equivalent value/quantity of another's |
| literate | able to read and write in one's native language |
| literacy rate | the percent of a nation's population over the age of 15 who are able to read and write |
| standard of living | the level of wealth and material comfort available to a people |
| human capital | the knowledge, skills, and relative health of a nation's labor force |
| capital goods | he factories, machinery, technology, etc. that are necessary to sustain a service or industry |
| natural resource | a material on or in the earth that has economic value |
| entrepreneur | those who risk their own money and resources to create a new business or service |
Created by:
heather.chapman
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