The Canadian Economy The Canadian Economy and Types of Industriesand Types of Industries

Business Management 12Business Management 12

Ms. StewartMs. Stewart

The Canadian EconomyThe Canadian Economy

Canada’s economy is made up of Canada’s economy is made up of many different industries. There are many different industries. There are three main types of industries in three main types of industries in Canada: Canada:

1) Natural resources1) Natural resources

2) Manufacturing 2) Manufacturing

3) Services3) Services

Natural ResourcesNatural Resources

These include forestry, fishing, These include forestry, fishing, agriculture, mining and energy. agriculture, mining and energy. These industries have played an These industries have played an important part in the country’s important part in the country’s history and development. Today, the history and development. Today, the economy of many areas of the economy of many areas of the country still depends on developing country still depends on developing natural resources.natural resources.

ManufacturingManufacturing

This involves making products to sell This involves making products to sell in Canada and around the world. in Canada and around the world. Manufactured products include Manufactured products include paper, technological equipment, paper, technological equipment, automobiles, food, clothing and automobiles, food, clothing and many other goods. Our largest many other goods. Our largest international trading partner is the international trading partner is the United States.United States.

ServiceService

Service industries provide thousands Service industries provide thousands of different jobs in areas like of different jobs in areas like transportation, education, health transportation, education, health care, construction, banking, care, construction, banking, communications and government. communications and government. More than 70 percent of working More than 70 percent of working Canadians now have jobs in service Canadians now have jobs in service industries.industries.

The Three Tier ModelThe Three Tier Model

We can also break industries into the We can also break industries into the following sectors:following sectors:

1) Primary Industries1) Primary Industries

2) Secondary Industries2) Secondary Industries

3) Tertiary Industries3) Tertiary Industries

Primary IndustryPrimary Industry

The primary sector of industry The primary sector of industry generally involves the conversion of generally involves the conversion of natural resources into primary natural resources into primary products. Most products from this products. Most products from this sector are considered raw materials sector are considered raw materials for other industries. Major businesses for other industries. Major businesses in this sector include agriculture, in this sector include agriculture, agribusiness, fishing, forestry and all agribusiness, fishing, forestry and all mining and quarrying industries.mining and quarrying industries.

Secondary IndustriesSecondary Industries

The secondary sector of industry includes The secondary sector of industry includes those economic sectors that create a those economic sectors that create a finished, usable product: finished, usable product: manufacturing and construction. This sector of industry and construction. This sector of industry generally takes the output of the primary generally takes the output of the primary sector and manufactures finished goods or sector and manufactures finished goods or products to a point where they are products to a point where they are suitable for use by other businesses, for suitable for use by other businesses, for export, or sale to domestic consumers.export, or sale to domestic consumers.

Tertiary IndustriesTertiary Industries This is the segment of the economy that This is the segment of the economy that

provides services to its consumers. This provides services to its consumers. This includes a wide range of businesses includes a wide range of businesses including financial institutions, schools, including financial institutions, schools, transports and restaurants.transports and restaurants.

The tertiary industry is split into two main The tertiary industry is split into two main categories. The first is made up of categories. The first is made up of companies that are in the business of companies that are in the business of making money, such as those in the making money, such as those in the financial industry. The second comprises financial industry. The second comprises the non-profit segment, which includes the non-profit segment, which includes services such as education.services such as education.