Search for "economy"

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Quiz

Canadian Currency

Can you pass this quiz without reaching into your wallet? Test your knowledge of the animals and people featured on Canadian money with this quiz brought to you by the Citizenship Challenge. 



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Economics

Economics involves the study of 3 interrelated issues: the allocation of RESOURCES used for the satisfaction of human wants; the INCOME DISTRIBUTION among individuals and groups; and the determination of the level of national output and employment.

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Economic Immigration to Canada

Canada’s current and future prosperity depends on recruiting immigrants. Newcomers fill gaps in the Canadian workforce, build or start businesses and invest in the Canadian economy. Economic immigrants include employees as well as employers. They mostly become permanent residents when they immigrate to Canada. Not included in this class are the many temporary foreign workers who contribute to Canada’s economy.

Economic immigrants bring talent, innovation, family members and financial investments to Canada. They also enrich the country’s culture, heritage and opportunities. Technological progress, productivity and economic growth all benefit from these newcomers. Studies show that they have little to no negative impacts on wages for other workers in the country.

The 2016 Census identifies 2,994,130 economic immigrants in Canada. This represents about half of the total of 5,703,615 immigrants counted in that survey. (See also Immigration to Canada.)

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History of Labour Migration to Canada

Canada’s economic development has relied upon the labour and economic contributions of thousands of immigrant and migrant workers. (See also Economic Immigration to Canada; Immigration to Canada.) These workers came from a multitude of countries and worked a variety of jobs. Many of these workers would also ultimately settle in Canada. This labour and settlement pattern, however, is changing due to Canada’s temporary labour migrant programs. (See also Canada’s Temporary Foreign Worker Programs.)

Click here for definitions of key terms used in this article.

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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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Recession of 2008–09 in Canada

The global financial crisis that began in 2007 dragged much of the world economy into recession, and Canada was not spared. Although the effects on Canada were milder than on the United States and in Europe, the Canadian recession of 2008–09 was still severe enough to generate sharp declines in output and employment and to require significant responses by Canadian policy-makers.

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Urbanization

Urbanization is a complex process in which a country's population centres tend to become larger, more specialized and more interdependent over time.

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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.

Editorial

The Great Crash of 1929 in Canada

In late October of 1929, terror seized the stock exchanges of North America. Capitalism’s speculative party, with its galloping share prices and its celebrity millionaires, came to an abrupt stop. The Great Crash, it was called, and it was followed by the Great Depression.

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Impact of COVID-19 on Remote Work at Canadian Businesses

During the COVID-19 pandemic, many Canadians have worked from home. This shift to remote work has aimed to slow the spread of the coronavirus by reducing contact between people.

To gauge the impact of the pandemic on remote work at Canadian businesses, Statistics Canada conducted a nationwide survey in 2020. The graphs below show some of its findings. The first graph shows the percentage of businesses, in each province and the three territories, that had more than half of their workforce working remotely a) before the pandemic and b) on 29 May 2020, during the pandemic. The second graph shows the percentage of businesses which expected that more than half their workforce would continue to work remotely after COVID-19.

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Money in Canada

Money consists of anything that is generally accepted for the settlement of debts or the purchase of goods or services. The evolution of money as a system for regulating society’s economic transactions represented a significant advancement over earlier forms of exchange based on barter, in which goods and services are exchanged for other goods or services. Canadian money has its roots in the Indigenous wampum belts of the East, the early currencies of European settlers and the influence of the United States.

Click here for definitions of key terms used in this article.

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Social History

Social history is a way of looking at how a society organizes itself and how this changes over time. The elements that make up Canada’s social history include climate and geography, as well as the transition to industrialization and urbanization.

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Industry in Canada

Industry, in its broadest sense, includes all economic activity, but for convenience commentators divide it into three sectors: primary, secondary and tertiary.

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Capital in Canada

In economics, capital traditionally refers to the wealth owned or employed by an individual or a business. This wealth can exist in the form of money or property. Definitions of capital are constantly evolving, however. For example, in some contexts it is synonymous with equity. Social capital can refer to positive outcomes of interactions between people or to the effective functioning of groups. Human capital refers to people’s experience, skills and education, viewed as an economic resource.

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Bonds in Canada

A bond is a tool that businesses, governments and other organizations use to borrow money. More specifically, it is a loan agreement through which the bond issuer (the borrower) agrees to pay the lender a specified amount by a certain date. Bond agreements generally also include interest payments. While the borrower usually pays the lender interest on the loan, bonds sometimes have negative interest, meaning the lender pays interest to hold the bond. Bonds and debt financing are important tools for funding large infrastructure projects and wars. (See Canada Savings Bonds; Victory Loans.)

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Internet in Canada

The Internet is a global network of computers that communicate with each other. This exchange happens through a set of rules called protocols. Since Internet use became widespread in the 1990s, the system has affected most aspects of life. It has had both productive and destructive effects. The Internet has changed the way Canadians learn and work, buy products and services, communicate and consume entertainment. Most people think of the Internet as the World Wide Web. However, it takes a number of different forms, including networked physical objects called the Internet of Things.

Click here for definitions of key terms used in this article.

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Immigration Policy in Canada

Immigration policy is the way the government controls via laws and regulations who gets to come and settle in Canada. Since Confederation, immigration policy has been tailored to grow the population, settle the land, and provide labour and financial capital for the economy. Immigration policy also tends to reflect the racial attitudes or national security concerns of the time which has also led to discriminatory restrictions on certain migrant groups. (See also Canadian Refugee Policy.)

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International Trade

International trade is the buying and selling of goods and services between members of different countries. This exchange has been a key part of the Canadian economy since the first settlers came. Canadian settlers depended on exports of resources such as timber and grain (see Timber Trade History; Wheat). In the 20th century, Canada’s exports shifted to services, manufactured goods and commodities such as oil and metals.

Since the 1980s, Canada has signed free trade agreements with dozens of countries to increase global trade and investment.

Canada’s three biggest trading partners are the United States, the European Union and China. The United States is Canada largest trading partner by far. However, trade with China grew quickly in the 2010s, and this trend will likely continue.

Click here for definitions of key terms used in this article.