COMM 103 Chapter Notes - Chapter 2: Gross Domestic Product, Foreign Direct Investment, Canadian Dollar

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Comparative advantage: the ability of a country to produce or supply goods or services at a lower cost than other countries or to possess resources or unique services that are unavailable elsewhere. Foreign direct investment: occurs when a company or individual from another country makes an investment into a business within another country. This investment can reflect the physical ownership of productive assets or the purchase of a significant interest in the operations of a business. Law of supply and demand: the ability of the market, independent of external influences, to determine the price for which a product or service will be bought and sold. Controlled system market: an economic system where the fundamentals of the law of supply and demand, private ownership, entrepreneurship, and wealth creation are largely restricted or absent, and the government fully controls the economic direction and activity. Mixed economic system: an economic system that contains components of both open and controlled systems.

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