MGTA01H3 Lecture Notes - Lecture 11: Silk Road, Canadian Business, International Trade
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MGTA01H3 Full Course Notes
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Business activities that involve exchanges across national boundaries : examples: Canada was first founded by traders: the first europeans who came to canada came for fish, lumber and fur. Canada is open to trade and open to flow of goods and services across border because it raises the living standard. No country can make everything quickly, cheaply and well. Some countries can make things quicker, cheaper, better than others. Faster, cheaper, and easier to make some things here. Faster, cheaper, and easier buy other things from elsewhere. Product or service we can"t /don"t cheaply or well. They get: stuff, made by folks who are good at it make particularly quickly, cheaply or well. We get: stuff, made by folks who are good at it. On one hand: we want foreign stuff! On other hand: we want canadian jobs! Balance of trade = exports imports. In 2008, that changed why? i. e. negative balance of trade:
