1.Lumber and wood products
Agricultural products (wheat, canola, beef)
2.Agriculture (farming)
Fishing
Forestry (logging)
Mining
Oil and gas extraction
3.Pros:
Create jobs
Bring new technology and skills
Increase local economic activity
Cons:
Profits often leave the country
Decisions are made by foreign headquarters
4.Transportation (airlines, trucking)
Retail (stores, malls)
5.Absolute advantage: A country can produce a good more efficiently (using fewer resources) than another country.
Comparative advantage: A country can produce a good at a lower opportunity cost, even if it is not the most efficient overall.
6.
Because it may have a comparative advantage in producing something else. By focusing on what it gives up the least to produce and trading, both countries benefit more through specialization and trade.