Business Terms
The amount of a good or service that producers are willing and able to sell at various prices.
What is supply?
Canada's largest trading partner, with which it shares a border.
What is the United States of America?
The basic economic problem that there are limited resources to satisfy unlimited wants and needs.
What is scarcity?
A political and economic union of nations that if were a singular nation, would be Canada's second largest trading partner.
What is the European Union (EU)?
The market where currency is exchanged.
What is foreign exchange market?
Historically Canada's largest trading partner, but now ranks as only Canada's fifth largest trading partner.
What is the United Kingdom?
An economic model which describes the circulation of money and real flows between businesses, consumers, governments and foreign countries.
What is the circular flow of income?
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?
An economically tiny nation with which in 2018 Canada exported $105,000 USD to and imported $9,180 USD from.
What is the Democratic People's Republic of Korea (North Korea)