1. Canada exports natural resources such as oil, natural gas, lumber, minerals, agricultural products (wheat, canola), and manufactured goods like vehicles and machinery.
2. The five most common primary industries are agriculture, fishing, forestry, mining, and oil and gas extraction.
3. Pros include job creation, technology transfer, and increased local investment. Cons include profit leaving the country, limited local decision-making, and vulnerability to sudden closures.
4. Examples of tertiary industries include retail, transportation, healthcare, education, tourism, banking, and entertainment.
5. Absolute advantage means producing more of a good using fewer resources than another country. Comparative advantage means producing a good at a lower opportunity cost than another country.
6. The country may have a comparative advantage in producing another good, making it more efficient to specialize and trade. Importing apples allows better overall resource allocation and higher total economic output.