US and Canada are rich in natural resource

US midwestern and Central provinces of Canada have rich soil

Forests - western Canada,north western,north eastern,southeastern United states

Oil fields - Alberta, Canada;in Texas,California,Louisiana,Oklahoma,Alaska

Water routes affect where people and industry are located

People still use rivers to ship natural resources such as timber and coal

Rivers and lakes supply water and power, and offer recreational activities

Weather is the state of the atmosphere near earth at a given time and place

It includes temperature, wind , and precipitation, or moisture such as rain or snow that falls to Earth

Climate is the typical weather in a region over a long period of time

Vegetation - trees,shrubs, grasses,and other plants

Polar and Tundra - Northern Canada have cool summers and very cold winter

Forest - Forests of conifer (evergreen) and broadleaf trees cover much of Canada,northwestern,northeastern,southeastern US

Rain Forest - Along the Pacific Coast, precipitation can reach 167inches each year

Grassland - The center of North America is covered by grasslands

Desert - Deserts of the American Southwest get less than 10 inches of precipitation a year

Both countries have strong economics and are leaders in world trade

Economy is the way the business owners use resource to provide the goods and services that people want

NAFTA was signed in 1922 to remove trade barriers between the US,Canada, Mexico

Some people feared job losses, but most economics supported it

After NAFTA trade between the three countries more than doubled

Most leaders are happy with the trade growth

Other countries may follow if NAFTA works well

Constitutional Amendment

-Changes to the constitutional

Federal system

-National (army,money,interstate trade) ,

Central (manages schools,local government,election,state trade) gov.

-Regional , States(country)

3 branches

• Executive -president enforce laws

• Legislative - make laws ,ratify treaties -> congress (senate, House of representatives)

• Judicial - supreme court -> federal courts , state courts , district courts ( interpret laws)

Limited government: A government that can only do what the law allows.

Constitutional amendment: A change or update to the constitution.

Bill of Rights: A list of people's basic rights that the government must protect.

Economics - study of choices

Economy - system that how to manage resources

• no country in the world has everything, so every country has to trade

Good - physical object

Service - action people want and need

Factors of production - ingredients or elements, needed for production to occur

Resource - something that can be used to produce goods or services

4 type of resources

1. Natural resources - raw material that we can find in nature

2. Labor resources - workers , knowledge, skills (use energy to do something) skilled , unskilled

3. Capital Resources - Machine, Factories, supplies

4. Entrepreneurs - people who take the risk and do business . (only person who start the business)

   
   

GDP - total value of the goods and services that country produces each year

Free enterprise = market economy -> buyers and sellers make all decisions (without government decides)

Command Command -> Gov. decides

F + C = mixed economy (합친거)

Supply and Demand: Prices change based on how much consumers want (demand) and how much sellers offer (supply).

Demand > Supply: Prices go up.

Supply > Demand: Prices go down.

Profit: Money left after paying production costs.

Competition: Businesses compete by improving products, lowering costs, or offering better prices.

Free Market Economy: Consumers help decide what is produced.'

Economic Systems: Most countries mix market, command, and traditional economies.

Command Economy: Government controls production and prices (ex: North Korea, Cuba).

Traditional Economy: Culture and social roles decide production and prices (ex: parts of India).

Global Economy: Faster communication and transport connect countries; trade expands markets and improves prices and quality.

Trade Barriers: Some countries use tariffs (taxes on imports) to protect local goods.

Free Trade: Some countries reduce barriers to trade (ex: NAFTA between U.S., Canada, Mexico).