Which came first, the chicken or the egg?
What are the differences between agriculture in market and mixed economies? CLICK HERE TO REVIEW AND INVESTIGATE ECONOMIC IMPLICATIONS OF AGRICULTURE. Continue to explore below, then build your competencies.
BUILD COMPETENCIES BY COMPLETING THE ACTIVITIES IN ECONOMIC PROBLEM SOLVING.
From Agriculture and Agri-Food Canada: Economic impacts of Canadian agriculture and agri-food.
agriculture in Canada’s economy
Canada’s agriculture and agri-food sector is made up of suppliers, producers (farmers), food and beverage processors, food retailers and wholesalers and food service providers.
In 2016, the agriculture and agri-food sector accounted for 6.7 percent of Canada’s total Gross Domestic Product (GDP).
In 2016, the agriculture and agri-food sector employed 2.3 million people, representing 12.5 percent of Canadian employment.
The value of Canada’s agriculture and agri-food exports reached $56 billion in 2016. It is estimated that just over 50 percent of the value of primary agricultural production in Canada was exported – either directly as primary agricultural commodities or indirectly as processed food and beverage products.
The food and beverage processing industry is the largest manufacturing industry in Canada. It also accounts for the largest share (17.3 percent) of jobs in the manufacturing sector.
relationships between Canadian and U.S. economic systems
Canada and the United States enjoy the largest agricultural bilateral trading relationship. This two-way relationship creates jobs and economic opportunities in both countries.
In 2017, there was over $48 billion USD of agricultural trade. Canada and the U.S. are each other’s number one trading partner for agricultural products. Their agriculture markets and supply chains are highly integrated.
From Agriculture and Agri-Food Canada: The United States and Canada – Integrated Supply Chain.
what bilateral trade and integrated food systems look like
Agriculture and Agri-Food Canada’s video We Make Great Things Together shares facts and statistics about the trade and economic relationship between Canada and the United States.
Video from Agriculture and Agri-Food Canada.
Use examples from the video to explain what a bilateral trading relationship looks like.
