Question

Based on the article shared in google classroom the "economy" explain the industrial structure and the importance of international payments.

its is a introduction to canadian culture and society

Answer 1

We will be discussing industrail structure and international payments one by one below.

Industrial structure reflects the overall composition of a country's economy. It includes goods and services, human capital, land, labor, money etc.

Examples are ariculture,mining,fishing,energy,manufacturing,technology,services,telecom,tourism etc.

If we discuss Canada then around 70% of the GDP is services, around 25 percent is industry and the rest is agriculture.

If we discuss labor utiliation in Canada, then figures say that around 76% are involved in services ,13% in manufacturing, 6% in construction, 2% in agriculture, and the rest 3% of the labor force. These are approximate figures.Unemployment rate in Canada is around 6 percent.

International payments are nothing but incoming and outgoing payments in and out of a country in that currency. It also includes offshore payments in that currency between two parties outside of that country. International payments are important as they promote global trade and business,encourages import,export, outsoursing, offshoring and greater captital exchange between countries.