MGTA01H3 Lecture Notes - Lecture 11: International Trade, Silk Road, Open Economy
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MGTA01H3 Full Course Notes
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Business transactions that involve products or services crossing international borders, i. e. the maker or supplier is in one country, the purchaser is in another. International trade is not something new it has been taking place for a long time. Canada founded by traders: the first europeans who came to canada came for fish, lumber and fur. It is harder to export your products to india because of taxes, heavier regulations, and other reasons trade protection. Products that canadian consumers buy from business in other countries. In exchange for goods, other countries get canadian dollars. Largest importers in 2016: united states (, 205 billion, china (, 437 billion, germany ( billion, 8th place canada ( billion) Largest exporters: china (, 011 billion, united states (, 471 billion, germany (, 283 billion, 11th place canada ( billion, 25% of all that is produced in canada is sent elsewhere.
