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:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“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)
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)