MGTA01H3 Lecture Notes - Lecture 11: North American Free Trade Agreement, Single Market, International Trade
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MGTA01H3 Full Course Notes
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Business activity that crosses a border (supply and demand) Comparative advantage something that a country can produce (or can produce better) than other countries can"t. Nafta north america free trade agreement: promote trade between canada, us, and mexico. European union: treaty between: 28 european countries, single market of 510 million people, 19 countries share a common currency, no customs barriers, free movement of people. Brexit: british exit from european union. Globalisation: the widening, deepening and speeding-up of international connections, the process by which the experience of everyday life is becoming standardized around the world. International trade growing much faster than world gdp: selling more that what we are building, why, faster, cheaper transportation, easier, cheaper communication, more, faster, cheaper information, more mobility of labour, capital. Exports: products we make plentifully, cheaply or well, other get well made, good stuff, we get investment, jobs, profits. Imports: products we don"t make plentifully, cheaply or well, opposite of exports.
