MGEA02H3 Lecture Notes - Lecture 24: Absolute Advantage, Autarchism, Opportunity Cost

• School: UTSC
• Department: Economics for Management Studies
• Course: MGEA02H3
• Professor: Gordon Cleveland

Document Summary

Administrative matters first: course evaluations do them now, please, the final exam . : monday, december 15thth - 9 a. m. Exports goods and services sold to other countries. Imports goods and services purchased from other countries. Quota a limit imposed on the total value or quantity of a good that can be imported each year. About 30%-40% of the goods and services we produce each year are exported. About 30%-40% of the value of all goods we consume each year are imported. In absolute terms, canada is one of the top ten trading countries in the world. About 75% with u. s. (more manufactured goods from canada go to the u. s. than stay in canada!) Logging, lumber, wheat; machinery and equipment; motor vehicles and parts; industrial materials, metals, metal ores and chemicals. What do we import? machinery and equipment; motor vehicles and parts; industrial materials, metals, metal ores and chemicals consumer goods.