Terms
The amount of a good or service that consumers are willing and able to buy at various prices.
What is demand?
Canada's largest trading partner, also sharing a border.
What is the United States of America (USA)?
An international organization with the purpose of fostering international trade.
What is the World Trade Organization (WTO)?
The basic economic problem that there are limited resources to satisfy unlimited wants and needs.
What is scarcity?
An economic and political union, if it was a singular nation it would be Canada's second largest trading partner.
What is the European Union (EU)?
A trade agreement that replaced NAFTA in July of 2020.
What is the Canada-United States-Mexico Agreement (CUSMA)?
The market where currency is exchanged.
What is foreign exchange market?
Historically Canada's largest trading partner, now it is in fifth place.
What is the United Kingdom (UK)?
A free trade agreement between Canada and the organization consisting of Iceland, Liechtenstein, Norway, and Switzerland.
What is the Canada-European Free Trade Association (EFTA) Free Trade Agreement?
An economic model which describes the circulation of money and real flows between businesses, consumers, governments and foreign countries.
What is circular flow of income?
What is France?
A free trade agreement being negotiated between Canada and the political and economic union consisting of Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, and Trinidad and Tobago.
What is the Canada-Caribbean Community Trade Agreement?
Total level of demand for desired goods and services (at any time by all groups within a national economy) that makes up the gross domestic product (GDP).
What is aggregate demand?
This economically tiny nation exported $9,180 USD to and imported $105,000 USD from Canada in 2018.
What is the Democratic Peoples Republic of Korea (North Korea)?
A former free trade agreement between Canada and the political and economic union of Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.
What is the Canada-ASEAN Free Trade Agreement?