COMMERCE 1B03 Chapter 3: Chapter 3-2
14 Oct 2018
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Document Summary
Comparative advantage country should sell to other countries those products that it produces most effectively and efficiently, and buy from other countries that it cannot product as effectively or efficiently trade. Absolute advantage exists when a country has a monopoly on producing a specific product or is able to produce more efficiently than all other countries. Canada border service agency deals with importers across the whole range of goods and services that enters our country. Products are subject to compliance with conditions imposed by federal and prov. Trade with other countries enhances the quality of life for canadians and contributes to our country"s economic well-being. Exports alone account for one in three canadian jobs. In measuring effectiveness of global trade, nations follow two key indicators: balance of trade : a nation"s ratio of exports to imports. A favourable bot, or trade surplus , occurs when the value of the country"s exports exceeds that of it"s imports.
