BUS 201 Lecture 5: Chapter 5 Business

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 201
• Professor: Christian Venhuizen

Document Summary

Volume of world trade- trillion in merchandise trade each year. Globalization- world economy is increasingly transforming into a single, independent system. Imports- products made or grown abroad but sold in canada. Exports- products made or grown domestically and shipped abroad. Globalization affects you even if you are not globally based. You can be affected by exchange rates, or a small business can buy product from an international supplier. China is largest trading partner in the region of africa totalling more than billion. China is also world"s top merchandise exporter with total exports of over trillion annually. Globalization has critics- claim it exploits workers in less developed countries and avoid domestic environmental and tax regulations. Globalizations leads to loss of cultural heritage and benefits the rich more than the poor. Current classification method of four different categories of countries: high income countries. Annual per-capita income greater than us 12,746. (2017-