Canada's Market Economic System Essay

896 words - 4 pages

Canada runs on a market economic system. Which means it bases its production and distribution on supply and demand, rather than planing these things ahead. Canada's economy consists of two main industries called service and manufacturing. Agriculture is one of the very important industries that is in the category of both service and manufacturing. Trade is another important factor of Canada's economy. Exports make up a huge portion of Canada Gross Domestic Product (GDP). Industry, agriculture, and trade are all very important aspects that influence Canada's economic system.
Canada has two sections of industry; one of these sections is manufacturing. Manufacturing is the process of making products out of raw materials. Thirteen percent of Canadians work in businesses or factories that produce goods. Some of these manufactured goods are transportation equipment, industrial machinery, chemicals, plastics, paper products, and food products. Most of Canada's manufacturing takes place in Ontario and Quebec. Ontario is well known for its automating industry, while Quebec is known for its work in textile industries.
The next type of industry is service. Service industries provide services to customers rather than manufactured goods. Almost six times the amount of Canadians work in service than manufacturing and it accounts for over sixty percent of Canada's GDP. A few service work fields are real estate, transportation, insurance, teaching, and medical professions . Canada's labour force contains around 18.89 million workers, which can be split into five categories. The categories are agriculture, manufacturing, construction, service, and others. Canada's main industries are hunting, fishing, herding, forestry, mining, and farming. These industries alone make up ten percent of the countries GDP. The GPD is the total value of the countries goods and services produced or provided over the course of one year.
Despite the fact that only five percent of Canada is suitable for farming, it is one of the worlds largest agricultural producer and exporter. Its varied regions create a great environment for the development of different kinds of natural resources. A couple of the agricultural industries are wheat, canola, dairy genetics, seafood, and maple syrup. Three percent (2.1 million) of Canadians are industrial farmers and one in eight people work in the agricultural industry. The agriculture industry contributes one hundred trillion dollars to Canada's GPD annually. The large amount of farming that goes on in this country creates many agribusiness opportunities. Agribusiness is the production of food products that are separate from farm operations. A few examples of agribusiness are companies that produce and supply farm machinery, supplies, or...

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