resource rich nations why are the u.s. & canada so wealthy?

Resource Rich Nations

Why are the U.S. & Canada so wealthy?

Gross Domestic Product (GDP)

The total value of all goods & services produced by a country in a year.

U.S. GDP is the world’s highest, $13.8 trillion. (Canada $1.2 trillion)

http://www.economist.com/blogs/dailychart/2011/01/us_equivalents

An abundance of diverse natural resources

Mining Large amounts of

many different minerals.

Copper, lead, gold, titanium, uranium, iron ore, zinc, coal, petroleum, etc.

An abundance of diverse natural resources

Land U.S. 3rd largest

country in area (Canada 2nd)

Historically land has acted as a pressure release valve for population growth.

An abundance of diverse natural resources

Climate The U.S. & Canada possess a wide

range of climates, many of which are good for farming.

An abundance of diverse natural resources

Forests Wood is the basis for many products. Only 5% of old growth forests remain.

Moving resources, goods, people, & ideas easily

Travel over water

3 coastlines allow imports & exports to move easily & quickly.

Many navigable rivers & canals enable goods to move freely within the country.

Moving resources, goods, people, & ideas easily

Movement on land

The U.S. & Canada have well developed networks of railroads & highways.

Moving resources, goods, people, & ideas easily

Air Travel More flights daily than any other nation. More airports than any other nation.

Moving resources, goods, people, & ideas easily

Telecommunications

Newspapers, telegraph, telephone.

Radio, television, cable.

Cell phones, satellites, internet.

Respecting the individual

Democracy Emphasizes the

value & freedom of the individual’s opinion.

Respecting the individual

Rugged Individualism

The willingness of individuals to stand alone in a long, difficult struggle in order to prosper, relying on their own personal resources, opinions & strength.

Respecting the individual

Free Enterprise Capitalism allows individuals to own

operate, & profit from their own businesses in an open, competitive marketplace.

Provides an incentive to work hard.