ARBUS 100 Chapter 3: UNIT 3

• School: University of Waterloo
• Department: Arts and Business
• Course: ARBUS 100
• Professor: Bob Sproule

Document Summary

In an economic context, is the movement of goods, services, technology, investment, ideas, and people throughout the world. It is the process of nations and corporations merging into one common culture and marketplace. It has occurred because trade barriers across national borders have been reduced or removed. It has also increase a lot since wwii because of the rapid growth of technology, communication and travel. Lower prices (increased competition, lower prices and low inflation) Improved human rights (media coverage shows human right violations) Increased productivity (countries make products which they have a comparative advantage, which rises their productivity and improves standard of living) Innovation (with open borders creativity) ideas flow which stimulate. Better jobs (export jobs require higher education and skill level for higher pay) Increased capital flow (smaller nations are able to borrow money from financial institutions in other countries) Lost canadian jobs (to outsourcing for lower pay jobs) Fear of job loss (to countries with cheaper labor sources)