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Imports Imports are the goods which enter a country from another country. Imports are usually things which a country doesn’t have of their own so they must import them from other places. The climate in Canada is too cold for oranges to grow. So we import them from Florida and other countries. We buy the goods so when you import you lose money. Examples of imports are cars from Japan or Germany, or toys from China.
Exports Exports are the goods which exit a country to another country. If you have an abundance of some particular resource or other good, they you can export them. For example Canada has a lot of maple syrup so we can export it to countries which don’t have maple trees. We are selling the goods so exporting earns money. Examples of exports are maple syrup, chemicals and others.
Trade Surplus Trade surplus is a state when countries exports exceed imports. This is a positive imbalance which means that it is good for the economy. Selling and earning more money than you spend is a good thing so a trade surplus is good and it strengthens the economy. Canada has a trade surplus because it exports more that it imports. A trade surplus is the opposite of trade deficit.
Trade Deficit Trade deficit is a state when countries imports exceed exports. This is a negative imbalance which means that it is bad for the economy. Buying more than you earn is not the best for a country or even a single person or family. It weakens a country and may put it into debt. Some developing countries have a trade deficit. A trade deficit is the opposite of trade surplus.
Domestic Trade Domestic trade is where you trade within a countries borders. From city to city. A company might trade with other companies for materials or parts to use for their products. For example, many companies which are car producers trade with car part producers to get the parts they need to build their products. Domestic trade is trade within a country.
International Trade International trade is where you trade with other countries . From country to countries, from continent to continent. Countries may trade from countries to country because they need some resources or things which that country doesn’t have. They are buying or selling things to another country. International trade is where you trade outside of their own borders.
Entrepreneur An entrepreneur is a person who organizes and takes care of an enterprise which is usually a business. They take on the chance experiencing many financial problems a business can get like bankruptcy or other issue. An entrepreneur is usually for a small business.
Economy The economy is a system that has to do all about money and its usage. Trade, imports exports, tourism. Everything which has to do with money and earning it. A strong economy is the best type of economy to have because it make your country handle money much better, may have a trade surplus and other good things. A bad economy means that you may have a trade deficit, handle money with trouble and many other unpleasant things which will affect the people of the country.
NAFTA NAFTA stands for the North American Free Trade Agreement. It started on January, 1, 1994. The NAFTA is a trilateral trading bloc which is an agreement to trade with three different countries. The NAFTA’s flag is Canada’s, Mexico’s and the USA’s flags put together to make one flag.
Tourism Tourism is the service which is offered to visitors who are visiting a country. Attractions like theme parks, monuments, hotels, and many more. These things attract tourists and when they pay money for those or just to go their that country gets money which is good for the economy of that country. Niagara Falls in Canada is one of the many attractions Canada has so Canada has a lot of tourism.
BIBLIOGRAPHY Author Unknown. “Canada Cities Map.” Internet. <http://ephotopix.com/canada_cities_map.html>June 2 2011. Author Unknown. “Importing” Internet. http://www.wlgriffin.com/importing.html 31 May 2011. Author Unknown. “Importing and Exporting” Internet. http://www.istockphoto.com/stock-illustration-3490970-importing-and-exporting.php 31 May 2011. Author Unknown. “Free Webinars on the Basics of Exporting” Internet. <http://www.buyusa.gov/northbay/112.html > 31 May 2011. Author Unknown. “Full length portrait of young businessman holding briefcase in hand isolated on white.” Internet. <http://www.123rf.com/photo_8390360_full-length-portrait-of-young-businessman-holding-briefcase-in-hand-isolated-on-white.html> June 2 2011. Author Unknown . “Grey Suit Business Man” Internet. < http://www.dreamstime.com/stock-photography-gray-suit-business-man-image71482> 31 May 2011.
BIBLIOGRAPHY Royal Canadian Mint. “Royal Canadian Mint Launches First Collector Coins of 2009.” Internet. http://www.coinnews.net/2009/01/11/royal-canadian-mint-launches-first-collector-coins-of-2009-4675/ June 1 2011. Author Unknown . “The Middle Class In America Is Shrinking.” Internet. <http://www.thai360.com/fbb/showtopic.php?tid/538060/post/852530/> 31 May 2011. Author Unknown. “Trade Deficit.” Internet. <www.thefreedictionary.com> 31 May 2011. Author Unknown. “Trade Deficit: importing more goods than exporting.” Internet. <http://mrcapwebpage.com/VCSUSHISTORY/domesticdifficulities.html > 31 May 2011. Author Unknown. “Tourists View the Great Pyramids Of Giza.” Internet. <http://www.art.com/products/p14143951-sa-i2891320/tourists-view-the-great-sphinx-and-pyramids-of-giza.htm> 31 May 2011.