Production and Trade

Component: The Economy: Basics/Key Issues | Grade Level: Grade 7-8

Learning Targets:

Targets for knowledge, skills, and behaviours below are possible targets. It is not expected that all will be covered by a single Teaching Unit. Teachers can select their learning targets using the Teaching Units provided (to the right), adaptations of these Teaching Units, or Units/Lesson Plans they develop on their own.


  • The basic economic questions every society must answer – what to produce, how to produce, and how to distribute
  • How Canada’s economy answers the basic questions
  • The role of key sectors of Canada’s economy–households, business, government, financial, international
  • Factors affecting the level of production and employment in an economy
  • Needs and wants change over time leading to new products and services being produced
  • The exchange of products and services take place in markets and at prices set by the decisions of the buyers and sellers
  • Factors that can affect prices in the economy
  • Why interest rates may change
  • Why countries engage in trade and how both countries can be better off after trade
  • Examples of Canadian imports and exports
  • The concept of “globalization” and how it can affect countries differently
  • The concepts of “trade protection” and “freer trade”
  • Examples of trade issues and challenges


  • Debate the pros and cons of freer trade
  • Debate the pros and cons of “globalization”


  • Consider, assess, and discuss the advantages and disadvantages of globalization as events and changes occur over time
  • Consider how production and trade can affect peoples’ lives and the environment

Teaching Unit:

Production and Trade

Every country has an economy – and has to decide on the type of economy that is best. It is important for students to learn about how an economy, and Canada’s economy, work to produce and distribute goods and services.

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