Textbook Notes (362,928)
Canada (158,105)
MGTA01H3 (583)
Chapter 5

Chapter 5 notes taken during the lecture

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Chapter 5 lec notes Need to Knows: Intl Business: What It Is & Why We Do It Intl Trade: Important to Canada Exports & Imports Balance of Trade Exchange Rates Balance of Payments Competitive Advantage Intl business: business between two nations Canada is an open economy: open to trades, and various services across the border, we are not difficult cuz we dont have beef with any country. We are an open economy because we believe if we can buy stuff from other peoples cultures we not only raise living standards but also gives consumers more choice in what they wanna buy Closed economy: where u dont trade with anybody else for various reasons: u might have too much pride in what u produce or u need the stuff u produce for ur own population more than for intl buyers, hence u wanna keep it within ur borders. Example india cause india wants their own workers to make indian stuff and they wanna sell it to Indians only e.g,
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