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) _equivalents _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. 3 rd largest country in area (Canada 2 nd ) 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.