Textbook Notes (369,133)
Canada (162,403)
UOIT (554)
Business (277)
BUSI 1600U (24)
Chapter 3

Understanding Canadian Business [BUSI1600] - Chapter 3 Notes

3 Pages
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School
UOIT
Department
Business
Course Code
BUSI 1600U
Professor
Shaprio, Morden

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Description
BUSI1600Chapter 3 Notes COMPETING IN GLOBAL MARKETSThe Dynamic Global MarketExportingSelling goods and services to another Country ImportingBuying goods and services from another country Why Trade with Other NationsSome countries have abundant resources without any technology to use these resources Other countries have technology without any resources to use the technology with Trade between Nations allows for countries to specialize in what they do and trade that good or service Coffee in Colombia for example at a low price in high qty Free TradeThe movement of goods and services between countries without economic or political barriers The Theories of Comparative and Absolute AdvantageComparative Advantagea theory that states that a country should sell the goods that it produces most efficiently and buy the goods it produces with least efficiency Absolute Advantagethe advantage that exists when a country has the ability to produce goods more efficiently with fewer resources than another country Measuring Global TradeBalance of TradeA nations ratio of exports to imports Unfavourable Balance of Trade Trade Deficit Occurs when the value of a nations imports exceeds the
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