1. What does Canada export to other countries?
Canada exports natural resources such as oil, natural gas, lumber, minerals, wheat, and seafood, as well as manufactured goods like cars and machinery.
2. What are the five most common primary industries?
The five most common primary industries are agriculture (farming), fishing, forestry (logging), mining, and oil and gas extraction.
3. What are some pros and cons to branch plants?
Branch plants create jobs, bring investment, and increase local economic growth, but profits often go back to the parent company, and local branches may close easily if costs rise.
4. What are some examples of tertiary industries?
Examples of tertiary industries include retail stores, transportation, healthcare, education, tourism, banking, and restaurants.
5. What’s the difference between absolute advantage and comparative advantage?
Absolute advantage means a country can produce something more efficiently than others, while comparative advantage means a country can produce something at a lower opportunity cost.
6. Why might a country with an absolute advantage in apples import apples from another country?
A country may import apples because another country can produce them at a lower cost, or because the country chooses to focus on producing goods it has a stronger comparative advantage in.