1. United States v Canada Economy:

2. What type of Economy do we have? North America has a free enterprise/market economy. The government plays a limited role It does not decide what, how much, or set prices on any goods

3. Command V Free Market All production is controlled by the state No free enterprise Very Little competition Price controlled by the government Nearly all production is owned privately Free enterprise (can sell what they want) High level of competition Price is controlled by the competition of the market. (Supply and Demand!)

4. Factors of Production! The elements needed for production to occur! A skilled workforce is key!

5. Natural Resources- Raw materials used to make goods. EX: land, water, minerals. Labor Resources- Workers with appropriate knowledge, skills, experience to make goods. Capital Resources- Machines, factories, and suppliers. Entrepreneurs- The person who brings it all together Factors of Production!

6. What Factor am I? 1 2 3 4

7. Natural ResourcesLabor Resources Capital ResourcesEntrepreneurs

8. Skilled workers Land Trees Knowledgeable Workers Machines The BIG Inve$tor Climate The Owner Factories Suppliers Minerals Supplies

9. Trade Imports and exports Import- Goods brought into a country from another. Exports- Goods traded to another country.

10. Types of Industry Primary-Prepare and process raw materials (ex: farm) Secondary- Turn raw materials into products (ex: manufacturing, bakers) Tertiary-Only distribute goods (ex: wholesalers, Wal-Mart) – This is the service industry! Examples: teachers! Quaternary- Pass on Information (ex: internet service providers cable companies, research)