[COMMERCE 1B03] - Final Exam Guide - Everything you need to know! (50 pages long)

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 1B03
• Professor: Rita Cossa

Document Summary

Why trade with other nations: global trade enables a nation to produce what its most capable of making and buying needs they cannot make, bene cial exchange relationship. Free trade is the movement of goods/service among nations without political carriers. States that a country should sell to other countries. Advantages that exists when a country has a monopoly of making a speci c product or is able to produce it ef ciently. Importing goods and services: canada border services agency deals with importers that enter our country. Exporting goods and services: you can sell just about any goods/service that is used in canada to other countries - and often. Canadian producers are not as intense as global markets: trades with other countries enhances the quality of life for canadians, contributes to our country"s economic well-being, exporting provides jobs. International joint ventures: joint venture means a partnership in which two or more companies join to undertake a major product.