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Canada’s Foreign Trade (pg. 425-435)_________________ are products that Canada receives from other countries. _________________ are products that Canada sends to other countries.A country’s balance of trade refers to the ratio of imports to exports. Define the following terms related to trade balance:Trade Surplus –Trade Deficit – Which of the above would a country prefer to have? Why?Every product has two important statistics that give us an idea of whether or not Canada has a shortage or an excess of certain products. Define the two below:Canada’s top 4 NET IMPORTS are:Why do some people argue that it is better to reduce imports and “buy Canadian”?Canada’s top 5 NET EXPORTS are:Complete the table:Canada’s Trading PartnersImportsExportsLooking at the list of net exports in FIG 29-4, what type of products does Canada primarily export? Why? A ____________ is a tax placed on an import. When countries impose ____________ it can make it more costly to buy foreign goods.________________________ is a government policy of using ________________ and other rules that limit imports. This is done to give a country’s local industries an advantage over foreign competitors.__________________ is a government policy of eliminating _______________ and other rules that are designed to restrict trade. Do the activity on pg. 432 (figure 29-8). Describe the main advantages of free trade (without tariffs) and protectionism (with tariffs) for an average Canadian.What is the European Union (EU)? How is it different from NAFTA?Ethics and TradeWhat is Fair Trade? 30765751388745 Fair Trade is an innovative, market-based approach to sustainable development. Fair Trade helps farmers in developing countries to gain direct access to international markets, as well as to develop the business capacity necessary to compete in the global marketplace. By learning how to market their own harvests, Fair Trade farmers are able to bootstrap their own businesses and receive a fair price for their goods. This leads to higher family living standards, thriving communities, and more sustainable farming practices. Fair Trade empowers farming families to take care of themselves - without developing dependency on foreign aid. The Fair Trade Certified label guarantees: - A Fair Price- Quality Products- Care for the Environment- Community ImpactFree trade, or trade without taxes or other restrictions, is meant to benefit both importers and exporters. However, who benefits from trade depends on the prices, and wealthier economies-countries or corporations-often impose prices at the expense of poorer ones. With no restrictions on international investments, corporations force countries to compete against one another in a "race to the bottom," lowering wages in order to maintain business. The corporate products that have the lowest price and highest profitability on the world market win out, often devastating the economies and communities in the developing world.Class Discussion – Canada and Free Trade in 2019 ................
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