MGTA01H3 Chapter Notes -Walmart, North American Free Trade Agreement, Exchange Rate
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MGTA01H3 Full Course Notes
Verified Note
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Document Summary
Imports: products that are made or grown abroad and sold in canada. Exports: products make or grown in canada that are sold abroad. The contemporary global economy: globalization allows businesses to expand internationally, but competition, since more businesses. Countries export products that they can produce better or less expensively than other countries and import products that they cannot produce ef ciently. Absolute advantage: a nation"s ability to produce something more cheaply or better than any other country (e. g. , wines in france compared to wines in california/ontario) Comparative advantage: a nation"s ability to produce some products more efficiently or better than it can other (e. g. , south korea has no fertile land ( does not farm) but can manufacture electronics) Balance of trade: the difference in value between a country"s total exports and its total imports: trade surplus: exports are greater than imports. B)trade deficit: imports are greater than exports: canada depends on us too much since most exports go there.
