COMMERCE 2MA3 Chapter Notes - Chapter 7: Contract Manufacturer, General Agreement On Tariffs And Trade, Semiotics
19 Jun 2016
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Document Summary
All countries and regions of the world do not participate equally in the world trade. Not all trade involves the exchange of money for goods or services. 70% of all the countries do not have convertible currencies. Countertrade: the practice of using barter rather than money for making global sales. Trade feedback effect: a country"s imports affect its exports and exports affect its imports. E. g. exports increase national output and income goes up demand for import goes up imports go up. Exports of other countries go up their income go up their imports go up. Gross domestic product (gdp) : the monetary value of all goods and services produced in a country during one year. Canada exports more than 35% of its gdp. Balance of trade: the difference between the monetary value of a nation"s exports and imports. 3 largest importers of canadian goods are: us (80%), japan & european union (eu)
