BUSI 1800 Chapter Notes - Chapter 3: Emerging Markets, Comparative Advantage, General Agreement On Tariffs And Trade
13 Sep 2018
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Document Summary
The dynamic global market: today, over 90% of the companies doing business globally believe it is important for their employees to have experience working in other countries. Free trade: the movement of goods and services among nations without political or economic barriers. Absolute advantage: the advantage that exists when a country has a monopoly on producing a specific product or if it is able to produce it more efficiently than all other countries. Balance of trade: a nations ratio of exports to imports. Trade surplus: a favourable balance of trade; occurs when the value of a countries exports exceeds that of its imports. Trade deficit: an unfavourable balance of trade; occurs when the value of a countries imports exceeds that of its exports. Action plan: plan identifies three priority market types, emerging markets with broad canadian interests, emerging markets with specific opportunities for canadian businesses, established markets with broad canadian interests.
