Search for "economics"

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Recession in Canada

A recession is a temporary period of time when the overall economy declines; it is an expected part of the business cycle. This period usually includes declines in industrial and agricultural production, trade, incomes, stock markets, consumer spending, and levels of employment. In purely technical terms, a recession occurs when two or more successive quarters (six months) show a drop in real gross domestic product (GDP), i.e., the measure of total economic output in the economy after accounting for inflation. In this sense, recessions are broad and can be particularly painful and challenging times for a country.

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Statistics Canada

Statistics Canada is the nation’s central statistical agency. It was established in 1918 as the Dominion Bureau of Statistics and adopted its present name in 1971. Under the Statistics Act of that year, it has the responsibility to “collect, compile, analyse, abstract and publish statistical information relating to the commercial, industrial, financial, social, economic and general activities and condition of the people.” The agency works with government departments to develop integrated social and economic statistics for Canada and the provinces and territories. In addition, Statistics Canada is a scientific research organization that develops methodologies and techniques related to statistics and survey design.

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Economic History of Canada

The economic history of what is now Canada begins with the hunting, farming and trading societies of the Indigenous peoples. Following the arrival of Europeans in the 16th century, the economy has undergone a series of seismic shifts, marked by the early Atlantic fishery, the transcontinental fur trade, then rapid urbanization, industrialization and technological change. Although different industries have come and gone, Canada’s reliance on natural resources — from fur to timber to minerals to oil, and on export markets for these commodities, particularly the United States — has underpinned much of the economy through the centuries and does so still in many regions today.

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National Policy

The National Policy was a central economic and political strategy of the Conservative Party under Prime Minister John A. Macdonald, and many of his successors in high office. It meant that from 1878 until the Second World War, Canada levied high tariffs on foreign imported goods, to shield Canadian manufacturers from American competition.

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Statistics

Statistics is the science concerned with the collection and analysis of numerical information to answer questions wisely. The term also refers to the numerical information that has been collected. Statistics has many applications in Canada, from government censuses and surveys, to decision making in industry, to medical research and technological innovation.

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Nobel Prizes and Canada

The Nobel Prizes are awarded annually for achievements that have significantly benefitted humankind. The prizes are among the highest international honours and are awarded in six categories: physics, chemistry, physiology or medicine, literature, peace, and economics. They are administered by the Nobel Foundation and awarded by institutions in Sweden and Norway. Seventeen Canadians have won Nobel Prizes, excluding Canadian-born individuals who gave up their citizenship and members of organizations that have won the peace prize.