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Class Notes for General Management at University of Manitoba (page 7)

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GMGT 1010 Lecture Notes - Lecture 22: Absolute Advantage, Comparative Advantage, Canada Border Services Agency
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The Theories of Comparative and Absolute Advantage: Global trade is the exchange of goods and services across national borders Counties also exchange art, sports, cultural event...

General Management
GMGT 1010
Brock V.Cordes
GMGT 1010 Lecture Notes - Lecture 30: International Monetary Fund, World Trade Organization, General Agreement On Tariffs And Trade
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General agreement on tariffs and trade (GATT): a 1948 agreement that established an international forum for negotiating mutual reductions in trade restrictions World trade organization (WTO): the int...

General Management
GMGT 1010
Brock V.Cordes
GMGT 1010 Lecture Notes - Lecture 26: Foreign Direct Investment
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Foreign direct investment (FDI): the buying of permanent property and businesses in foreign nations As the size of a foreign market expands, many firms increase FDI and establish ...

General Management
GMGT 1010
Brock V.Cordes
GMGT 1010 Lecture Notes - Lecture 25: Contract Manufacturer, Strategic Alliance, Franchising
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Franchising is a contractual agreement whereby someone with a good idea for a business sells the right to use the business name and sell a product or service in a giver territory in a specified manner ...

General Management
GMGT 1010
Brock V.Cordes
GMGT 1010 Lecture Notes - Lecture 20: Joseph Schumpeter, Gross Domestic Product, Monopoly Money
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Hyperinflation: money is being printed out of control and deflating the currency – like paying with monopoly money Ex: Post WWI to pay off damage from war The Business Cycle: Business cycle...

General Management
GMGT 1010
Brock V.Cordes
GMGT 1010 Lecture Notes - Lecture 19: Stagflation, Snickers, Disinflation
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Problem in the US: GDP is growing since recession in 2008, but unemployment is not increasing – relying more on robotics, other countries Manitoba is 2% lower than overall Canadian Unemployme...

General Management
GMGT 1010
Brock V.Cordes
GMGT 1010 Lecture 16: GMGT 1010 Lecture 16
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Fewer inventions and less innovation because those who come up with new ideas usually don’t receive as much reward as they would in a capitalist system Understanding Communism: Communism: an ...

General Management
GMGT 1010
Brock V.Cordes
GMGT 1010 Lecture Notes - Lecture 17: Gross Domestic Product, Vise
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Several features have played a major role in Canada becoming an independent economic entity with high government involvement in the economy We are one of the largest countries in the world geographica...

General Management
GMGT 1010
Brock V.Cordes
GMGT 1010 Lecture Notes - Lecture 13: Equilibrium Point, Economic Equilibrium, Negative Relationship
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If the seller lowers the price, the quantity demanded is likely to increase The Economic Concept of Supply: Supply: the quantity of products that manufacturers or owners are willing to sell at ...

General Management
GMGT 1010
Brock V.Cordes
GMGT 1010 Lecture Notes - Lecture 11: Canadian Business, Gross Domestic Product
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Understanding Canadian Business CHAPTER 2 – How Economic Issues Affect Business: How Economic Conditions Affect Business: The Canadian economy is an integral part o...

General Management
GMGT 1010
Brock V.Cordes
GMGT 1010 Lecture Notes - Lecture 15: Social Equality, Human Capital Flight, Free Education
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Businesses must provide customers with quality products at fair prices with good service A major factor in creating the wealth that industrialized countries now enjoy ...

General Management
GMGT 1010
Brock V.Cordes
GMGT 1010 Lecture Notes - Lecture 14: Monopolistic Competition, Perfect Competition, Product Differentiation
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Perfect competition: the market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product Sellers produce products that app...

General Management
GMGT 1010
Brock V.Cordes
GMGT 1010 Lecture Notes - Lecture 18: Negative Relationship, Frictional Unemployment, Structural Unemployment
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Productivity in Canada has risen because computers and other technology have made production faster and easier Improved productivity can decrease production costs which can then result ...

General Management
GMGT 1010
Brock V.Cordes
GMGT 1010 Lecture Notes - Lecture 12: Invisible Hand
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People will work hard if they have incentives for doing so As a result of these efforts, the economy would prosper Smith: father of modern economics/capitalism How Busin...

General Management
GMGT 1010
Brock V.Cordes
GMGT 1010 Lecture Notes - Lecture 8: Baby Boomers
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Baby-boom echo: a demographic group of Canadian that were born in the period from 1980-1995 – the children of the baby boomers Baby boomers: a demographic group of Canadians that were born in...

General Management
GMGT 1010
Brock V.Cordes

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