MGTA01H3 Chapter : Summary of Terms CH 4,6,7,8,10
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MGTA01H3 Full Course Notes
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Imports products that are made or grown abroad and sold in canada. Exports products made or grown in canada that are sold abroad. General agreement on tariffs and trade (gatt) international trade agreement to encourage the multilateral reduction or elimination of trade barriers. World trade organization (wto) organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices. European union (eu) agreement among major western european nations to elimination or make uniform most trade barriers affecting group members. North american free trade agreement (nafta) agreement to gradually eliminate tariffs and other trade barriers among the united states, canada, and mexico. Per capita 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 more cheaply or better than it can others.
