[TEA-T1] BBB4M Inter ...

Textbook Work

1: What does Canada export to other countries?

Gas, oil, hydroelectric power, wheat, flour, wood, fish.

 

2: What are the five most common primary industries?

Agriculture, fishing and hunting, forestry, energy, mining, water

 

3: What are some pros and cons to branch plants?

Pros:

·        More jobs for Canadian workers

·        They pay taxes to Canada

 

Cons:

·        Little innovation; just follows instructions from head office

·        Import materials from head office country rather than using Canadian materials

·        Don’t produce enough for Canada to export

 

4: What are some examples of tertiary industries?

Banking, construction, communications, transportation, and retail.

 

5: What’s the difference between absolute advantage and comparative advantage?

Absolute advantage only looks at maximum output.

Comparative advantage looks at the opportunity cost for the output.

 

6: Why might a country with an absolute advantage in making apples import apples from another country?

That other country has a comparative advantage in making apples. This way, both countries can increase the maximum output if they focus on their comparative advantage.

Pencil: The Movie

Q1:

Graphite, cedar, metal, and rubber.

 

Q2:

·        Loggers cut Cedar trees in the pacific northwest

·        All the people involved in making the saws and equipment that the loggers use

·        Waitress who sells food to the loggers

·        All the people involved in making the food for the loggers’ lunch

·        All the roads and trucks and the people who made them and maintain them

·        The lumber factory

 

Q3:

·        The graphite is mined in China and Sri Lanka

·        The factory mixes graphite with clay

 

Q4:

They exchange their labor for a wage (money) so that they can buy what they want to buy. As a result of millions of people doing their job, a pencil gets made.