ECON 1050 Chapter 7: Economics-1 (1) (dragged)
17 Sep 2016
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Because we trade with people in other countries, the goods and services that we can buy and consume are not limited by what we can produce. Imports are the goods and services that we buy from people in other countries. Exports are the goods and services we sell to people in other countries. In 2013, global exports and imports were trillion, which is a third of the value of global production. In 2013, total canadian exports were billion, which is about 27 percent of the value of. In 2013, total canadian imports were billion, which is about 23 percent of the value of. Services are 15 percent of total canadian exports and 19 percent of total canadian imports. The fundamental force that generates trade between nations is comparative advantage. The basis for comparative trade is divergent opportunity costs between countries.
