MGTA01H3 Lecture Notes - Lecture 11: North American Free Trade Agreement, Silk Road, Secondary Sector Of The Economy
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MGTA01H3 Full Course Notes
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Chapter 11: canadian business interacts with the world: trade, foreign investment & International trade: business transactions that involve products or services crossing international borders, i. e. the maker or supplier is in one country, the purchaser is in another. Seen historically with the silk route and spice route. Open economy: a country that is willing to buy from, and sell to, sellers and buyers in other countries. An economy that is open to the idea of international trade. Closed economy: a country that refuses to trade with the rest of the world, and attempts to be self-sufficient. Exports: products that canadian businesses make and sell to other countries. A very large amount of exports from canada is to the us. This can have a downside if canada becomes too dependent on one large customers (the recession in 2008 affected canada since the us was not trading as much) Imports: products that canadian consumers buy from businesses in other countries.
