Economy
Agriculture of the Northwest Territories is nearly impossible except for limited cultivation south of the Mackenzie River area. Trapping, stands as the regions oldest industry, which ranks second following mining. Another thriving industry is fishing, based on lake trout and whitefish, is centered on the village of Hay River, on Great Slave Lake. Minerals are currently the Territories' most valuable natural resource. Oil is to be pumped and refined at Tulita (formerly Fort Norman) and Norman Wells on the Mackenzie River. Copper is extracted on the Coppermine River. Diamonds and Gold are currently produced in increasing amounts. The region also includes tungsten, silver, cadmium, and nickel.
Significant hydroelectric developments are on the Talston and Snare rivers.
Read more about this topic: Geography Of The Northwest Territories
Famous quotes containing the word economy:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)