1
products or services brought into a country for trade
Imports
products or services sent from one country to another
Exports
the process whereby national or regional economies and cultures have become integrated
globalization
GDP stands for...
Gross Domestic Product
One key company in the history of trade in Canada
Hudson's Bay Company
when a country exports more goods and services than it imports
trade surplus
A Canadian spends a holiday in Italy. This is an export for _____ and an import for _____.
Import for Canada, Export for Italy
a business that primarily makes transactions in its own country is a...
domestic business
a product that country is or company is better at producing that its competitors is a _____ for that country
competitive advantage
Canada's first trading partner was with...
the Europeens
Agriculture is part of which sector?
Primary
Construction is part of which sector?
Secondary
Entertainment is part of which sector?
Tertiary
What are the 4 sectors of the economy?
Primary, Secondary, Tertiary, Quaternary
Energy is part of which sector?
Primary
Name 2 ways international businesses helps Canadians
Any of these:
Wider variety of products, lower prices, access to lower labour costs and supplies, cultural development, new technology, possibly more jobs, access to foreign financing
What can influence trade relationships between countries? Name 2 aspects.
Geographical location, culture, history of trade, political ties, supply and demand
the total monetary value of all goods and services made within a country during a specific period is...
GDP
Name 2 ways international businesses hurts Canadians
Loss of culture/identity, reliance on other countries, stronger negative impact on Canadians when other countries are in crisis, reduced jobs at home due to outsourcing, revenues may leave Canada if foreign companies are more loyal to their own countries
Name 2 of Canada's top exports or imports
Energy/oil, automotive, machinery, precious stones and metals, electronics, plastics
Name the top 5 countries Canada exports to
United States, China, United Kingdom, Japan, Mexico
Name the top 5 countries Canada imports from
United States, China, Mexico, Germany, Japan
Name 2 strong industries in Canada?
Any of these in the list:
Banking, Service, Energy/Oil, Technology, Cultural, Automotive
What are 2 advantages of free trade?
No tarrifs, increased access to foreign goods, lower prices, can increase economic development
What 2 disadvantages of free trade?
Can impact industries if production moves elsewhere, can cause jobs to move to other countries, country is less self-sufficient and more dependent on other countries