MGTA01H3 Chapter 5: Chapter 5 Important Vocab
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MGTA01H3 Full Course Notes
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Imports: products that are made or gown abroad and sold in canada. Exports: products made or grown in canada that are sold abroad. Capital mobility: movement of money from country to country. Per capital income: the average income per person of a country. Absolute advantage: a nation"s ability to produce something more cheaply or better than any other country. Comparative advantage: a nation"s ability to produce some products cheaper or better than it can others. National competitive advantage: a country will be inclined to engage in international trade when factor conditions, demand conditions, related and supporting industries, and strategies/ structures/ rivalries are favourable. I nternational competitiveness: the ability of a country to generate more wealth than its competitors in the world markets. Balance of t rade: the difference in value between a country" total export and import. Balance of payment: the different between money flowing in to and out of a country as a result of trade and other transaction.
