BUSI 1600U Lecture Notes - Lecture 4: Canada Border Services Agency, Mixed Economy, Absolute Advantage

• School: UOIT
• Department: Business
• Course: BUSI 1600U
• Professor: Malcom Mac Taggart

Document Summary

Management of the enterprise: competing in global markets chapter 3 notes. Canadian economic system is described as a mixed economy. Free trade is the movement of goods and services among nations without political or economic barriers. Comparative advantage theory states that a country should sell to other countries those products that it produces most effectively and efficiently and buy from other countries those products it cannot produce as effectively. Absolute advantage is if a country has a monopoly on producing a specific product or is able to produce it more efficiently than other countries. The canada border services agency deals with importers across the whole range of goods and services that enter our country. Trading with other countries enhances the quality of life for canadians (economic well-being). Exports alone account for one in three canadian jobs. Balance of trade is a nation"s ratio of exports to imports.