AFM131 Lecture Notes - Lecture 1: Gross Domestic Product, Contract Manufacturer, General Agreement On Tariffs And Trade

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: Mohsin Ahmed Bashir

Document Summary

No country, not even a technologically advanced one, can produce all of the goods that its people want and need. Global trade enables a nation to produce what it is most capable of producing and to buy what it needs from others in a mutually beneficial exchange relationship. Small businesses contribute between 25 and 41 percent to canada"s gross domestic product. Many small businesses are becoming more involved in global markets. Products are subject to compliance with certain conditions imposed by the federal government. You can sell just about any good or service that is used in canada to other countries. Trade with other countries enhances the quality of life for canadians and contributes to our country"s economic well-being. In measuring the effectiveness of global trade, nations carefully follow two key indicators: balance of trade and balance of payments. We rank eleventh in the world as leading exporter and thirteenth the world as leading importer.