BUS 201 Chapter Notes - Chapter 5: World Economic Forum, Absolute Advantage, Comparative Advantage

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 201
• Professor: Wayne Rawcliffe

Document Summary

There is nearly trillion in merchandise trade each year. The world economy is increasingly transforming into a single, interdependent system in a process called globalization. Imports products made or grown aboard, but sold in canada. Exports the products made or grown domestically and shipped aboard. China is now the largest partner in the region with trade totalling more than (cid:271)illio(cid:374), just ahead of the u(cid:374)ites states. It (cid:449)as also the (cid:449)orld"s top (cid:373)er(cid:272)ha(cid:374)dise e(cid:454)porter a few years ago, with total exports of over trillion annually. To sustain globalization: government and businesses have become more aware of the benefits of globalization to their countries and stockholders. New technologies have made travel, communication, and commerce easier, faster, and cheaper. The world bank, an agency of the united nations, uses per-capita income to make distinctions among countries. 4 categories are: high-income countries: annual per-capita income greater than us,746. Include canada, usa, europe, australia, japan, south korea israel, kuwait,