Canada's Economic Challenges and Factors

The video explores Canada's economy, highlighting its transition from a raw-material to a service-based economy. It discusses Canada's mixed market economy, immigration's role in addressing demographic challenges, and the country's energy resources. The video also compares Canada's economy with Australia's, examines trade dependence on the US, and addresses issues like household debt, manufacturing challenges, and the healthcare system. It concludes with insights into Canada's education system and the need for innovation and entrepreneurship.

What is the economic structure of Canada primarily based on?

• Socialism

• Capitalism

• Communism

• Feudalism

Which sector accounts for around 70% of Canada's GDP?

• Service

• Mining

• Agriculture

• Manufacturing

Why is Canada keen on increasing immigration?

• To expand its military

• To promote cultural diversity

• To boost the economy

• To increase tourism

What is a significant downside of rich immigrants bringing foreign money to Canada?

• Increased unemployment

• Decreased cultural diversity

• Higher taxes

• Surge in property prices

What is a major reason for Canada importing oil despite having large reserves?

• Environmental concerns

• Lack of refining technology

• Extra-heavy oil is costly to process

• High domestic demand

What is the Staple Thesis related to?

• Canada's healthcare system

• Canada's political structure

• Canada's reliance on natural resource exports

• Canada's education system

Which country is Canada's largest trading partner?

• Mexico

• United Kingdom

• China

• United States

What is a significant challenge for Canada's manufacturing sector?

• Low domestic demand

• Lack of raw materials

• High wages

• Insufficient technology

What is a notable feature of Canada's healthcare system?

• It is publicly funded

• It is entirely free

• It is only for citizens

• It is privatized

What is a major factor contributing to high household debt in Canada?

• Mortgages

• High consumer spending

• Expensive education

• Low interest rates