RSM100Y1 Chapter Notes - Chapter 5: Per Capita Income, International Trade, Canadian Dollar
Document Summary
Imports: goods that are made abroad but sold domestically. Exports: goods that are made domestically but sold abroad. Reasons why: governments and businesses more aware of benefits of globalization, new technologies made international travel, communication and commerce, easier, faster and cheaper, competitive pressures. Use of per capita income to divide countries into one of four groups: high-income countries. Annual per capita income greater than us ,115: upper-middle-income countries. Annual per capita income between us and ,115: low-middle-income countries. Annual per capita income between us and : low-income countries. Annual per capita income less than us . Due to low hdi, these countries are less attractive to international businesses: geographic clusters. There are three major marketplaces in the world. The three are generally upper-middle and high-income countries, as they include the world"s largest economies, biggest corporations, most influential financial markets and high- income consumers: north america.
