COMMERCE 1E03 Lecture 3: COMMERCE 1E03-Week 3
23 Jan 2019
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Chapter 3 los: describe the importance of the global market and the roles of comparative advantage and absolute advantage in global trade, explain the importance of importing and exporting and define key terms used in global business. Global competitiveness touches us all (source: canadian foundation for economic education) The dynamic global market: globalization is the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labour markets. Canada is a market of more than 35. 7 million people but there are almost 7. 53 billion potential customers this year, the world"s population will increase by approx. The largest countries are china (1. 39 billion), india (1. 34 billion), the u. s. (326. 47 million), and indonesia (263. 51 million) Cdn. taxi driver - foreign manager (export- money is coming into the country) Cdn. vacations in cuba (import- money is leaving canada- cuban economy is benefiting)
