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The Canadian Economy and Types of Industries Business Management 12 Ms. Stewart The Canadian Economy Canada’s economy is made up of many different industries. There are three main types of industries in Canada: 1) Natural resources 2) Manufacturing 3) Services Natural Resources These include forestry, fishing, agriculture, mining and energy. These industries have played an important part in the country’s history and development. Today, the economy of many areas of the country still depends on developing natural resources. Manufacturing Thisinvolves making products to sell in Canada and around the world. Manufactured products include paper, technological equipment, automobiles, food, clothing and many other goods. Our largest international trading partner is the United States. Service Service industries provide thousands of different jobs in areas like transportation, education, health care, construction, banking, communications and government. More than 70 percent of working Canadians now have jobs in service industries. The Three Tier Model We can also break industries into the following sectors: 1) Primary Industries 2) Secondary Industries 3) Tertiary Industries Primary Industry The primary sector of industry generally involves the conversion of natural resources into primary products. Most products from this sector are considered raw materials for other industries. Major businesses in this sector include agriculture, agribusiness, fishing, forestry and all mining and quarrying industries. Secondary Industries The secondary sector of industry includes those economic sectors that create a finished, usable product: manufacturing and construction. This sector of industry generally takes the output of the primary sector and manufactures finished goods or products to a point where they are suitable for use by other businesses, for export, or sale to domestic consumers. Tertiary Industries This is the segment of the economy that provides services to its consumers. This includes a wide range of businesses including financial institutions, schools, transports and restaurants. The tertiary industry is split into two main categories. The first is made up of companies that are in the business of making money, such as those in the financial industry. The second comprises the non-profit segment, which includes services such as education.
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